Worried about Inheritance Tax
Whilst none of us like to think about it too much we should all make arrangements to pass on our assets to our family or other beneficiaries of our choice. This especially if we own assets abroad or plan in the future to live outside our home country. Tax laws vary from country to country but the growing trend is for revenue authorities to levy taxes on worldwide income, assets and capital gains.
Many of us may question why our Government should collect taxes on income earned abroad or succeed or attempt to tax assets abroad.
As the world has become more Globalised, Governments are more desperate than ever to retain tax income.
With regard to passing on wealth to our heirs, your status as, domicile, resident, ordinarily resident, and tax resident will affect the amount of taxation that you or your family will have to pay to the tax authorities upon the transfer of assets.
Your residential status, the location, and the ownership of your family home and/or of your holiday home will determine the amount of inheritance and capital gains tax that will be payable.
Unlike many other accountants and financial advisers, AMP and Partners Limited have the ability to look into all of these issues (including pension planning) and implement practical and cost-effective solutions to assist you to protect and mitigate taxes on your worldwide assets.
Please Contact Us for further advice