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Succession Planning

You like me, may have been abroad for some years now and are now paying tax to your new host country.

However, here is a question for you. Was your father British? Do you have ties to the UK? If so, it is highly probable that you are UK domiciled.

What does that mean for your family? Well, it means that one of the groups that could benefit from your assets when you leave them to the family is the good old UK Inland Revenue!

I am not joking. A UK domiciled individual could liable to Inheritance Tax, even if he or she has been living abroad for years and years!

Did you realise that, in many cases, the decision to pay this tax is yours? What do I mean? If you decide to do nothing about it, your family could lose a significant part of the money that you leave them.

A little bit of time and planning to deal with this could be one of the best investments you will ever make for your family.

http://squaremilefs.wordpress.com/succession-planning-for-expats/