Long term UK expats may face huge UK tax charges
“The latest numbers from HMRC show people are passing on more and more to the taxman rather than their loved ones.” – The Daily Mail.
UK expats who have lived abroad for many years often remain UK-domiciled and therefore liable to UK Inheritance Tax (IHT). The rate of this tax might be considered penal. It is currently 40% on the total value of the estate of a deceased after the exemptions. It is an additional tax payable on capital accumulated during lifetime upon which tax has already been paid.
Many UK nationals who have lived abroad long term may assume their liabilities to UK tax have ended. Probably they are no longer liable to UK income and capital gains tax except on UK source gains and income – but they may well remain liable to UK IHT!
European Low Tax, Flat Rate and Remittance Based Tax Programmes
In recent years we’ve seen a marked increase in the number of individuals and families who wish to permanently move to a new country, in search of a more comfortable living and working environment, better healthcare, educational and business opportunities as well as enhanced tax efficiency.
Operation Free Bar by Alastair Leithead
In my experience it’s never good turn down the offer of a free bar, as it’s always fun and it usually leads to new friendships. The lengths people will go for a free bar do differ, but for us it was two return trips from the southwestern Alentejo to Porto and involved a lot of help from our friends – old and new.