Many spouses and civil partners are under the impression that anything they gift to the other, whether during their lifetime or on death, is fully exempt from inheritance tax (IHT). However, there is an anomaly which can have serious IHT consequences for some couples (spouses and civil partners are referred to as ‘married couples’ and ‘spouses’ below for brevity).
20 April 2018
According to the Office for National Statistics report: Families and Households: 2017, one in five couples living together in 2017 were not married or in a civil partnership. In total, around 3.3 million couples cohabit, more than double the 1.5 million number from 10 years ago. Of these couples, around 40 per cent have dependent children.
05 February 2018
Many spouses and civil partners are under the impression that anything they give to each other is fully exempt from inheritance tax. This isn’t always the case if you’re a mixed domiciled couple.
05 February 2018
Have you retained connections with India? Could the 1956 UK/India double tax treaty provide inheritance relief?
19 October 2017
We offer assistance to individuals, their families and trustees on a wide range of legal issues relating to private clients wealth and estate planning with a particular focus on advising high net worth individuals, non-domiciled individuals and offshore trustees.
Sophie heads the private client legal services offering at RSM. She deals with a wide range of legal issues relating to private clients with a particular focus on advising high net worth individuals, non-domiciled individuals and offshore trustees.
While the divorce rate in England and Wales appears to be falling, the courts still hear a significant number of divorce cases each year including cases involving foreign nationals. In a number of these cases an offshore trust may be a matter of contention.