Deemed domicile status provides an extraordinary opportunity to save tax but it’s an easy opportunity to miss.
Articles by ‘Rod Smith’
When a property (or land) is sold within four years of the date of death for less than its date of death value, a relief from inheritance tax may be available. The relief basically allows the sale price to be substituted for the date of death value.
Gifting by wealthy family members to their children has soared over the past three months but post-COVID tax planning may not be the primary driver, report our private wealth lawyers.
The EU Succession Regulation, known as Brussels IV, came into force on 17 August 2015. Its intention was to simplify issues relating to succession across the EU. Whilst the UK, Ireland and Denmark opted out, it’s still relevant to any UK resident individuals who own assets in any other EU member state.
Analysis released this week by Legal & General and consultancy CEBR shows that 23% of home purchases this year will be supported by the Bank of Mum and Dad, an increase of 4% on last year. The sums deployed are, unsurprisingly, significantly lower.
The Government announced yesterday a review of Capital Gains Tax which may result in CGT rates becoming aligned to income tax rates. The review is to be conducted by the Office for Tax Simplification with more detail expected in the Autumn Budget.
Domicile is the keystone to inheritance tax (‘IHT’). Where a married couple or registered civil partners are both UK domiciled or both non-UK domiciled, the full spousal exemption applies.
With the FTSE 100 down by around 20% on the start of the year, the current situation presents valuable opportunities for lifetime tax planning.
Law firm RWK Goodman has today announced the launch of Life Safe® – an exclusive legacy management portal which will allow people to keep a secure record of all their important documents, digital assets…