Benjamin Franklin said “in this world nothing can be said to be certain, except death and taxes” and in most jurisdictions, there are both death and tax.
Owners of UK property pay Inheritance tax, even if they are not living in the UK or are not UK citizens. The standard rate is 40% with a marginal rate as high as 60%. Properties in France, Spain and Portugal have similarly high rates. UK citizens (regardless of residency) are also exposed to inheritance tax on their worldwide assets.
The simplest strategy to avoid death taxes is to spend it all. However, many people want to leave a legacy, either for their children or grandchildren. A programmed strategy of giving can help aleviate lifetime and post death taxes, whilst still ensuring a measure of control.
Your BMP Wealth manager can help you evaluate different strategies to preserve your inheritance. These could encompass charitable giving, lifetime and annual allowance utilisation, setting up trusts, insurance based solutions and ensuring that your Will accurately reflects your wishes.