ProACT Partnership Expatriate Advice

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[Webinar] Tax Planning Steps To Avoid Inheritance Taxes For Your Family

There is one certainty in life… we are all going to die.

We have spent almost 2 years going through the Covid-19 pandemic, seeing many loved ones die sooner than expected.

One truth we could face is that we will die.

And prepare for it.

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Not tax residence

Inheritance tax is not applied on your tax residence, although this at your date of death could bring additional assessments for tax. Inheritance tax is a liability based upon your domicile. Your family origins. Not just where you were born but where your parents were born.

An expat family could have children born overseas but retain their native domicile. A UK expat Living and Working Abroad in Singapore could have children but their nationality would still be a British National.

The converse is true for an expat living in the UK , the children are not automatically granted British Citizenship.

Citizenship is acquired at birth and then expats could acquire or change of citizenship in time by Living and Working Abroad, typically taking 5-10 years depending upon any country and if they allow at all.

That still doesn’t impact domicile, which takes up to 20 years to be lost and for an expat to change it to their new country of tax residence.

If you are UK domiciled that means expats carry the liability for 40% Inheritance tax on worldwide property, business and investments for up to 20 years.

Inheritance tax planning steps

In this webinar we discuss some of the ways you can gift and reduce the impact of inheritance tax by planning ahead. The wealth may be ‘needed’ for many important reasons though, it may sustain retirement, healthcare in old age, some where to live.

However you will discover by taking a family view gifts can be made that remove the threat of inheritance tax once and for all from the family and business property, across borders and down generations.

Generally gifts can be made to a Family Trust to hold wealth and protect it from the cost and delay of probate in different countries, from divorce or business failure, from unexpected events. For your family, children and generations beyond.

Expats could not only protect their world but also ensure a legacy survives for their children and grandchildren.

Using a Family Trust means assets can be protected within weeks rather than over half a working life.

Book a free review to see how much capital gains tax you could save.


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