Hong Kong citizens who are considering relocating or investing in the UK property market should ensure they have a thorough understanding of the UK tax system, and they should be proactive about tax planning prior to arrival or purchase. Those with a BNO visa, too, will be subject to the UK’s global tax system, which…
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Many British expats seek guidance when planning a retirement strategy. They do this to avoid making costly UK pension mistakes that can seriously jeopardise their retirement fund. The planning becomes even more complicated when a British expat doesn’t intend to return to the UK, or if their earrings are exceptionally high. These different scenarios require…
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Most people know that private pensions are highly tax-efficient and are a useful way to save for retirement. Notwithstanding that, the inheritance tax advantages are as much, if not more attractive, given that your pension fund falls outside your estate for IHT purposes. That means pensions can be a great way to pass money on…
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The QNUPS legislation, also called “The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010”, is a set of rules that must be met and followed by Non-UK pensions schemes to put each members pension fund beyond the reach of UK inheritance tax (IHT). The schemes often operate from highly regulated and tax-efficient overseas jurisdictions where…
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The majority of people’s estate value comes from the property they own. This might be their primary home, a buy-to-let investment property or a holiday home outside of the UK and which is included in your estate. Unless you’ve already done something about it, you will pay 40% Inheritance Tax (IHT) on your overall estate…
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IHT – Inheritance Tax is probably one of the most hated taxes in the United Kingdom. It is sometimes referred to as a tax on items that have already been taxed, a tax on success and death duties. However, it’s not all doom and gloom as with a little knowledge and preparation, IHT can be…
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With the ever-changing rules surrounding inheritance tax, you may feel confused as to how you can actually prepare for what some people call the ‘death tax.’ With news such as Chancellor’s Rishi Sunak plans to increase inheritance tax to offset the cost of the Covid-19 pandemic on the UK’s economy, combined with rising UK house…
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Estate Planning is a long process consisting of many steps for it to be comprehensive and “bullet-proof”. What should such a process look like and when Estate Planning should be performed? Estate Planning mainly focuses on deciding how your estate, such as property, cars, investments, or personal items should be allocated after you die. However,…
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Have you taken the time to consider what will happen to your assets and belongings after you pass away, or if you become incapacitated? This question is crucial to ask and address, despite not being pleasant to think about. With so many things in life being unknown, financial advisers recommend starting estate planning as early…
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The topic of Succession Planning often requires some careful consideration and balance. Most people have ideas about what they want for the next generations but don’t see why they should plan ahead. Procrastination and the influence of opinions from others are the two biggest reasons used as a reason not to address this sometimes difficult…
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