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Inheritance Tax can cost loved ones hundreds
of thousands in the event of your death, yet it's possible to legally
avoid huge swathes of it, or possibly pay none at all.
The most important thing to do is examine whether you’ll pay and what to do about it; UK domiciliaries are subject to inheritance tax on their worldwide estate.
Non UK domiciliaries are only subject to inheritance tax on their UK estates. Therefore non domiciliaries can hold overseas assets and avoid inheritance tax.
Many non domiciliaries want to hold UK assets which would usually be subject to UK inheritance tax for non domiciled persons (subject to the usual nil rate band – currently £325K for 2011).
However, non domiciled persons could hold UK assets via an offshore company rather than owning them directly. This would then mean that they would be classed as owning the shares in an offshore company – rather than the underlying UK asset. This would then take the UK asset out of the estate of any non domiciliary potentially saving 40% tax.
Get tax advice.
While I normally tell people to try and do things themselves as it’s much cheaper, if you have sizeable assets Inheritance Tax is one of the few occasions I think paying for good professional legal or tax advice is well worth the money – a few hundred quid to save £100,000s.
If you are planning to move in Israel, keep in mind that there is inheritance tax in Israel…
Call us to know more about the legal ways to reduce the bill...
Bethel Finance + 972 3 643 79 99 or by email info@bethelfinance.com
The most important thing to do is examine whether you’ll pay and what to do about it; UK domiciliaries are subject to inheritance tax on their worldwide estate.
Non UK domiciliaries are only subject to inheritance tax on their UK estates. Therefore non domiciliaries can hold overseas assets and avoid inheritance tax.
Many non domiciliaries want to hold UK assets which would usually be subject to UK inheritance tax for non domiciled persons (subject to the usual nil rate band – currently £325K for 2011).
However, non domiciled persons could hold UK assets via an offshore company rather than owning them directly. This would then mean that they would be classed as owning the shares in an offshore company – rather than the underlying UK asset. This would then take the UK asset out of the estate of any non domiciliary potentially saving 40% tax.
Get tax advice.
While I normally tell people to try and do things themselves as it’s much cheaper, if you have sizeable assets Inheritance Tax is one of the few occasions I think paying for good professional legal or tax advice is well worth the money – a few hundred quid to save £100,000s.
If you are planning to move in Israel, keep in mind that there is inheritance tax in Israel…
Call us to know more about the legal ways to reduce the bill...
Bethel Finance + 972 3 643 79 99 or by email info@bethelfinance.com
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