News and Insights
15 February 2017
Advance warning of inheritance tax charges for non-dom UK property owners
Effective 6 April 2017
Sweeping changes to the tax treatment of non-domiciled individuals owning UK residential property through an overseas company or trust are imminent. From 6 April 2017, the result of this will be that many people's worldwide estates will be subject to inheritance tax (IHT).
All non-domiciled individuals indirectly owning UK residential property through a Jersey company, partnership, foundation or similar arrangement will pay IHT on the value of such UK property (in the same way as UK domiciled individuals).
How can Viberts help you or your clients manage these impending changes?
Firstly, you need to secure relevant UK tax advice concerning such assets. Then, if there is a structure to be unwound or rearranged, Viberts can undertake the necessary legal work to do so. We will arrange the distribution of the structure’s assets and provide the required assurances to the UK professionals handling the related property transactions - all for a fixed, competitive fee.
If you would like us to assist you before these changes come into effect on 6 April, please get in touch with our dedicated team on 888666.