Welcome to our latest newsletter where we look at recent legal developments which impact the private wealth sector.
Articles:
HMRC rejects requests to relax UK tax residence rules in light of the pandemic
Given the UK’s status as an international hub, HMRC may be expecting a windfall from those who found themselves in the UK in the 20/21 tax year, and unable to leave for an extended period of time.
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Keeping it in the Family – Focus on Asian families preserving family wealth for future generations
Hard working individuals who are happy to pay tax during their lifetime are often surprised that up to 40% of their wealth will be taxed when passed to the next generation on their death. However, due to the unusual concept of domicile, individuals originally from India or Pakistan may have the opportunity to significantly mitigate inheritance tax on their death. Both India and Pakistan have highly beneficial inheritance tax treaties with the UK which enable advantageous planning. Furthermore, this planning can be effective even in relation to long-term UK residents. Whilst many individuals may have a simple will in place, it takes specialist advice to create a proper estate plan to mitigate tax on death.
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Do I Still Need My Property Holding Company?
Spanning from 2013 to the Budget 2021, there has been a plethora of changes affecting companies which own UK real estate. This briefing note summarises the key changes and will be a useful starting point for individuals reviewing the efficacy of their existing structures.
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