The British nation pays an extra and avoidable £530million in inheritance tax (IHT) each year according to recent analysis, which should be a warning to everyone – but in particular expats – to look closely at how their estate is set up.
Richard Way, Editor at OverseasGuidesCompany.com said: “The staggering ‘over-payment’ is on account of many UK residents not holding life assurance in trust, which makes it liable to IHT if it means the value of the deceased’s estate exceeds the nil rate band.
“Brits on the verge of moving abroad and those already living somewhere sunny are urged to check exactly where they stand with inheritance. For example, under which jurisdiction, or jurisdictions, will inheritance law and tax be levied? Typically, you could be fined for not paying inheritance tax due within a set period after the date of death. Researching and protecting your estate now, by talking to professionals, will save time and heartache in the future
Filed under: http://www.theleader.info/article/44437/
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