Below you will find guides relating to expatriate taxation and inheritance issues. Inheritance tax for UK expatriates can often be a difficult topic to deal with, but it is one which affects almost all expatriates. The guides below aim to answer questions relating to domicile and what it means, offshore trusts and how they can be used, and general tips to managing inheritance tax.
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Expatriate Tax and Inheritance Guides
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According to the latest TaxAction report from
Unbiased.co.uk UK adults will waste almost £9.3 billion in unnecessary tax in 2008. The report, which is now in its 16th year, shows that the amount wasted in tax payments will increase by almost £1.4 billion compared to 2007 to the highest ever since Unbiased.co.uk’s campaign began. More alarmingly, 82% of Brits admit to doing nothing to reduce their overall tax burden. Here are ten ways to claw back some of that waste.
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Expatriate Tax and Inheritance Guides
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The following article is written by Andrew Coyne and aims to answer questions such as how does inheritance tax work? What does Domicile really mean? and Do I need a will?
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Expatriate Tax and Inheritance Guides
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UK house price inflation and increasing personal wealth are sucking more and more estates into the inheritance tax (IHT) net, warns leading financial research company Defaqto.
In fact, 9.4 million individuals can expect to have an inheritance tax liability by the time they die, according to Scottish Widows research.
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Expatriate Tax and Inheritance Guides
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This is a guide to the rules relating to UK national Insurance contributions for British expatriates working abroad and also information about when you can and should volunteer to continues to make contributions.
The first and most important point to make is that the rules relating to who has to pay national Insurance contributions once they’ve expatriated differ depending on the country the individual is moving to and also how long they intend living abroad.
If you’re based in the UK currently, pay British taxes and work for a British employer and they decide to relocated you to live and work abroad for less than twelve months in a country within the European Economic Area then British national Insurance contributions will continue to be paid for you and you will not have an obligation to make any form of social security type contribution in your overseas country of temporary residence.
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Expatriate Tax and Inheritance Guides
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Andy Coyne looks at the UK Inland Revenue’s offshore tax amnesty and at other tax issues affecting expatriates
The idea that the UK Inland Revenue takes an ‘out of sight, out of mind’ approach to UK expatriates or offshore financial vehicles is one that should be dismissed straight away.
And the British taxman is aided by the fact that we are living in a world in which cooperation between jurisdictions is increasingly common and the pressure on tax havens to conform to international rules on transparency becoming more prevalent.
The offshore world has changed greatly in the last decade.
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Expatriate Tax and Inheritance Guides
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 Taxing times?
One aspect is the taxation regime of the country to which the UK expatriate is moving. According to the Association of International Life Offices, the tax regimes of countries around the world vary considerably.
Generally most countries will levy a tax on any income earned in the country. Others will tax the worldwide income or capital gains of an individual, in addition, perhaps, to raising an inheritance/estate tax on the worldwide wealth of an individual if they should die whilst living in the overseas country.
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