Will and succession laws, as well as inheritance tax (IHT) legislation, may now affect British emigrants as the UK leaves the European Union.
IHT may now be complicated by the continuing relationship between the UK and the EU, although the Government’s Money and Pension Service has stated that IHT liabilities will not be impacted by Brexit. However, UK expats living abroad are advised to remain vigilant as they could potentially experience issues.
Here in the UK, inheritance tax is currently charged on the final estate of a person who has died and wishes to pass on their assets to beneficiaries, providing that the total value of the estate exceeds £325,000. In cases where inheritance tax must be paid, it is typically charged at a rate of 40%.
British citizens who travel or live outside the UK may find inheritance tax a complex issue because it is charged on any transfers of worldwide assets made by people who treat the UK as a permanent home, as well as transfers of UK assets by individuals who do not. Also, every EU country will have its own succession laws that must be considered.
British people living both here in the UK and abroad with concerns regarding IHT can rely on independent financial advice in Shropshire, Chester, and other parts of the country from professional wealth managers. Experts in tax mitigation strategies, wealth management services help their clients reduce their IHT bills so they can leave more to those they leave behind.
