What is a Private Trust Company? For many years, wealthy families have used trusts to protect their wealth and maintain an element of control to avoid providing large sums of money to children in one go (among many other uses). Over recent years, some families have become more reluctant to give the full control to…
DetailsWhat is ROE? The ROE is the UK’s application of the requirement to register the beneficial owners of overseas companies that own UK land and property. It requires all companies owning UK land and property to provide details of their beneficial owners to Companies House; if suitable details aren’t provided, the entities will be prohibited…
DetailsThe Pandora Papers were the biggest release of offshore data to date, involving the leak of millions of documents in October 2021 by a number of offshore financial service companies. Letters have been issued to some individuals named in the Pandora Papers Having taken time to review the leaked information, HMRC have now begun the…
DetailsRecent cases in the courts underpin how fundamental it is to ensure that intentions regarding domicile, i.e., where a person’s permanent home is, are backed up by facts and actions. Historically, HM Revenue & Customs (“HMRC”) have been known to dispute an individual’s domicile status post-death, and for good reason. Once the taxpayer in question…
DetailsIt is heavily mooted that Rishi Sunak is going to announce that he plans to significantly reform or possibly abolish inheritance tax (“IHT”). This is likely to be a talking point for quite some time. Therefore, we have provided some context to the potential reform below. Background IHT is levied on the death estate according…
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