Beneficial Ownership, Resulting Trusts, and UK Inheritance Tax: A Case Study in Cross-Border Estate Planning By Pavan Nagori, Finawis Advisors Introduction Inheritance tax planning rarely follows a straight line. The most compelling cases are those where the facts on the ground tell a story that the legal paperwork has not yet caught up with —…
We recently assisted a client who, at 49, had moved from India to the UK 20 years ago. With properties in both countries and no will in place, the situation became quite complex upon his passing. In the UK, intestacy laws dictated that his spouse received a portion, and the rest was divided among his…
Reports suggest Chancellor Rachel Reeves is looking at targeting inheritance tax in the Autumn Budget as a way of raising revenues while avoiding a breach of her fiscal rules (fiscal gap of £40–50bn). In practice, there are a number of changes she could introduce — but it remains questionable whether they would make any meaningful…
Many homeowners consider transferring the title of their primary residence to their children in an attempt to reduce or eliminate inheritance tax (IHT) liabilities. However, under UK tax law, specifically HMRC’s Gifting with Reservation of Benefit (GROB) rule, such a transfer generally does not provide any inheritance tax benefits. Here’s why: Understanding the Gifting with…
The world of estate planning is evolving, and digital assets are now firmly in the spotlight. With the Property (Digital Assets etc) Bill progressing through Parliament, the way digital assets are handled in Wills and estates could soon change significantly. This legislation seeks to formally recognise digital assets—including cryptocurrency, NFTs, email accounts, and domain names—as…
This is a key gap in your protection plan, whilst you have quite a quite a bit of life cover (perhaps more than required), The likelihood of having a period of sickness or having a more critical illness is significantly more in today’s world. For example, the UK statistics are that one in 2 will get…
Business Relief (BR) and Agricultural Relief (AR), previously known as business property relief and agricultural property relief, allow trading companies and agricultural businesses to be exempt from IHT. Essentially, qualifying businesses can pass down wealth without the burden of hefty tax bills, allowing family-run businesses to continue across generations. Let’s imagine a family-owned manufacturing company,…
Pensions in Inheritance Tax: Implications for the Average Working Couple ***See update below*** The recent announcement by Rachel Reeves, the Labour Chancellor, introduces a significant shift in the UK’s tax landscape, particularly regarding inheritance tax. The proposal now brings inherited pensions under the purview of inheritance tax, a move that could have deep financial implications…
Did the parent (now deceased) intend to give the child the gift and half of the estate or not? I’m just doing a matter where the law of double portions has become relevant and the Will does not cover. I am willing to bet a significant majority of the Wills (including those drafted by STEP…
The recent High Court ruling pleased me… a lot … and I want to share it with you: “Accompanying deceased to Swiss clinic does not by itself amount to assisting suicide“, says England and Wales High Court (EWHC) and allows the widower to inherit the estate of the deceased! Background: For two years, she had…
