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UK Property Tax Protection

Do you own a property in the United Kingdom? Is the property in the name of a company or trust? If so this information will newly affect you and your family.

The UK government has sought to increase the tax revenue from UK property held through international structures, by introducing a raft of anti-avoidance measures aimed at UK property that is held indirectly and generally by Trusts, Special Purpose Vehicles (SPV), Private Investment Companies (PIC), or similar offshore corporate structures.

This wave of legislation changes has severely limited tax planning options for non-UK domiciled individuals, whether UK resident or non-resident, in respect of UK residential property.

NEW TAX RULES FOR FOREIGN NATIONALS

From April 6th 2017, changes to tax rules would mean that non-UK domiciles owning UK property indirectly through corporate structures (purchased either before or after this date) would be liable for UK Inheritance Tax (IHT, in some cases this is referred to as ‘death tax’) at 40%.

This is 40% of the total value of the property(s) on death.  For example, a £7.5 Million property would roughly have an inheritance tax bill of £2,870,000 that must be paid to the UK Tax revenue (Her Majesty’s Revenue & Customs – HMRC) before the property can be passed to the family.

There are many clients looking to find new ways of reducing the overall effect of the likely UK ‘IHT’ liability. Fortunately, there are some actions that can be taken.

Please view our brochure for further information on the new legislation, the issue it has created and the solution.

Download PDF: Claremont-VUL-Brochure-English

Download PDF: Claremont VUL Brochure-Arabic

If you own a UK residential property, and would like further information, or have any questions, please contact us at: info@claremontwealth.com