If an individual hold assets offshore, a crackdown on tax evaders who use overseas havens to shelter money could leave loved ones open to the risk of receiving an unexpected tax bill on the individual's death.
While money sheltered overseas has always been subject to inheritance tax (IHT), new HM Revenue and Customs (HMRC) disclosure requirements mean hundreds of millions of pounds will now become visible to the taxman and completely open to scrutiny for IHT purposes. However, there are certain tax planning measures you can implement to protect your beneficiaries and make your assets tax efficient and easier to manage once they have been disclosed. Here, Steve Lawless, global head of banking distribution at Skandia, offers his advice: "By structuring the disclosed overseas assets into an...
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