Comment: This is the time for UK expats (and everyone else) to plan ahead
International Investment 07 April 2020 – Howard Bilton – Chairman and Founder of The Sovereign Group
These are unusual times. Many are working from home and have more time on their hands than anticipated. Howard Bilton says many of us should be using this time to get our paperwork in order — including planning for inheritance tax (IHT).
Most people prefer not to think about their own mortality but the current crisis has made that impossible. It is estimated that over 50% of people do not have a will and have made no plans regarding their estate. This leaves their loved ones vulnerable and unprotected. Surely now is a good time to sort that out?
For UK expats this is particularly important. UK domiciled persons remain liable to UK Inheritance Tax (UK IHT) at a rate of 40% of the total value of their worldwide estate after lifetime allowances of around £325,000. The tax is penal but to some extent is voluntary. It can be planned out.
Read the full article by Howard Bilton Below.