Inheritance Tax (IHT) revenues in the UK have been climbing steadily over the past two decades, with figures hitting record highs year after year. This trend is far from slowing down, posing significant financial implications for UK taxpayers and expatriates holding British assets. For many, navigating IHT can feel challenging, particularly as tax thresholds remain…
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Navigating the complexities of tax residency in the UK can be challenging, but understanding the fundamentals is essential for ensuring compliance and optimizing your tax position. At Soteria Trusts, we aim to provide clear and comprehensive guidance on such crucial topics. This article breaks down the key factors that determine UK tax residency, helping you…
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Planning for the future can often feel overwhelming. However, when it comes to safeguarding your assets and ensuring they’re distributed according to your wishes, a will trust can be one of the most powerful tools at your disposal. But what exactly is a will trust, how does it work, and why might it be important…
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Estate planning is a complex process, and it becomes even more intricate for blended families. When children from previous relationships are involved, ensuring your estate is distributed fairly and according to your wishes is essential. A Will Trust can serve as an effective solution, offering security, clarity, and fairness for both your spouse and your…
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Blended families often come with added layers of complexity when it comes to estate planning. While navigating these challenges can feel overwhelming, proper planning can ensure everyone you care about is provided for. Whether you’re managing assets between a current spouse and children from a previous relationship or trying to prevent family disputes, creating a…
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Stepchildren, multiple spouses, and varying family dynamics create a complex case for planning your estate and ensuring a fair and secure inheritance for all the people you care about. The good news is these complexities aren’t insurmountable if they’re approached with caution, honesty, and professional guidance. This artilce will explore the three most common inheritance…
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The UK government recently introduced a new framework to revise residency and domicile regulations. The rules, brought into effect as part of broader restructuring around non-domicile status, present updated tax obligations and eligibility criteria for expats. These changes ensure tax fairness while aligning foreign income, inheritance tax (IHT) regulations, and residency requirements under a “residence-first”…
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From 6 April 2025, significant changes in UK tax legislation will take effect, reshaping how residency status influences inheritance tax (IHT) and asset planning. Central to these reforms are the introduction of the “Long-Term Resident” classification and the implementation of “residence tails.” Together, these provisions redefine the scope of Inheritance Tax (IHT) liability for individuals…
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The UK government’s recent announcement to abolish the current non-domicile (non-dom) tax status from 6 April 2025 signals a landmark shift in financial planning for individuals previously benefiting from this regime. For over 200 years, the non-dom framework has afforded UK residents with permanent homes abroad significant tax advantages. However, the proposed replacement—a residence-based test…
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Please be advised that the information in this article regarding QNUPS and IHT is no longer accurate due to the recent changes announced in the UK Budget. Starting in April 2025, the regulations will have significant implications that may affect your understanding of these topics. We encourage you to stay informed and consult with a…
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