Offshore Tax Planning
Many people have financial interests which span international borders. Even something as simple as a bank account in the Channel Islands or on the Isle of Man will need to be taken into account in succession planning, making a Will or administering your estate and you will need practical and expert advice from us in order to deal effectively with those assets after death.
UK taxation is becoming increasingly complex and for those who are foreign nationals but have acquired assets in the UK there is an increasingly tax-hostile environment. We are able to deliver to you a sophisticated approach to incorporate family interests, your business and trusts to advise you on a tax-efficient and practical solution, enabling you to have peace of mind knowing that your wealth is secure now and for the future.
Forced heirship provisions
In certain European jurisdictions, such as France and Spain, forced heirship provisions apply. These create a responsibility to provide for a spouse and for children and could mean that your wishes and succession plans of your estate on death are overruled. Our wealth structuring and inheritance planning lawyers recognise that this may not be what you want and they can assist you in considering how these rules might affect your wishes and the most appropriate structure for your estate planning to limit their effect.
Our team of experts are able to pick through the complexities of residence, domicile and deemed domicile and will advise you on the implications and the options open to you. There are also different inheritance tax implications if you and your spouse have different domiciles. The term “domicle” does not mean “where you live”.
It is important to establish whether the country where assets are located has a double taxation treaty with the UK. If tax has to be paid in both countries upon the same assets it may be possible to obtain a refund. We can explain how this works in practice and whether you will be able to benefit from the double taxation treaty.
Will writing for worldwide assets
You may need more than one Will to cover your assets worldwide and it is essential that any tax planning undertaken in the UK dovetails with the tax laws of another country so as to ensure that a tax solution in the UK does not give you a tax liability in another jurisdiction. We are able to work extensively with our clients’ foreign attorneys to pick a way through the complexities of making foreign and domestic law mesh with a view to achieving the best solution possible.
Working with you and your family we will advise on:
- Double taxation agreements
- Forced heirship regime
- Wills and when you need both a UK will and a will in the jurisdiction where the asset is situated
- Residence, domicile and deemed domicile and the inheritance tax implications of each
- Appropriate structure for cross border estates for succession planning purposes
- Trusts and how they apply in foreign jurisdictions