Leaving the UK?
There are no restrictions on foreign individuals owning residential or commercial property in the UK. Property can be owned in a person’s sole name, jointly (where each party has equal rights and on the death of the first joint owner it automatically goes to the survivor), or as tenants in common (where each party has a defined interest in the property and on the death of the first tenant in common it can be given away in accordance with the deceased’s will).
Owning a property through a company or trust may be appropriate in certain circumstances for reasons of privacy, asset protection or succession planning.
Commonly, foreign-domiciled individuals and their advisers are unaware that any UK property which they own in the UK may be subject to UK Inheritance Tax. There are also fees and taxes chargeable on the sale of property and rental income. However, there are opportunities to reduce exposure to these charges through effective tax planning that Mark Davies & Associates are able to provide.