Wills are legal instructions to carry out your desired distribution of assets upon death, but they are jurisdiction-dependant. This means that UK wills only apply to UK law and you will need a separate will that applies to the law of the particular jurisdiction involved. Having the correct wills in place will ensure the distribution of your estate is in accordance to your wishes, and that any tax advantages are secured when considering your inheritance tax exposure. There are certain provisions within the Double Taxation Treaties with Pakistan, India, France and Italy that are beneficial to UK residents who are non-domiciled. An incorrect (void) or out of date will could result in it being superseded by intestacy rules (rules for someone who has died without a will), which will make it unnecessarily complex and obscure to distribute your assets to your beneficiaries. We offer a free will review service, where our Private Client Specialists can advise you whether your will needs to be updated, and whether you need to create wills in other jurisdictions.
COMMERCIAL PROPERTY CAPITAL ALLOWANCES
Capital allowances on integral features within commercial properties are a powerful tax saving tool. The Guardian newspaper has described these allowances as the “biggest tax break”, and many have already taken advantage. Following a change in legislation (called mandatory pooling), all commercial property transactions from April 2014 will require a capital allowances survey to be completed prior to completion of purchase or sale. Neglecting this will run you the risk of losing the entitlement to the tax break indefinitely. If our free review of your estate determines that you are eligible for a claim, we will prepare a capital allowances survey on a contingent fee basis, which means that you only pay on identified allowances. If you are planning to acquire or dispose of any commercial property, then you should contact us to ensure that you don’t lose out on any allowances. Furthermore, if you hold commercial property and have not carried out this assessment, there could be a potentially significant tax break waiting for you.
ACCELERATED TAX PAYMENTS
Accelerated Tax Payments are new powers for HMRC to remove the cash flow benefit of entering into tax avoidance. This will affect all taxpayers who have open appeals or enquiries into their tax affairs, those who have used a Disclosures of Tax Avoidance Schemes (DOTAS) service; or anyone who has used any tax planning that is counteracted by General Anti-Abuse Rules (GAAR). The Accelerated Payment Notice calculated by HMRC, will be issued to taxpayers over the next 18 months, and will give them90 days to settle their notice. There is no appeal against the notice. If you have open appeals or enquiries, or have entered into arrangements that are under DOTAS or counteracted by GAAR, then please contact us immediately to discuss your options and potential exposure to Accelerated Tax Payments.