In late February, news broke that HM Revenue and Customs (HMRC) has set up a new team to investigate the use of Family Investment Companies (FICS) with a focus on Inheritance Tax (IHT).
In late February, news broke that HM Revenue and Customs (HMRC) has set up a new team to investigate the use of Family Investment Companies (FICS) with a focus on Inheritance Tax (IHT).
Families are being advised to get their financial affairs in order and brace for an increase in tax bills following the revelation the UK’s tax authority set up a secret unit to probe family investment companies, specifically their use by the wealthy to avoid inheritance tax.
Families are being advised to get their financial affairs in order and brace for an increase in tax bills following the revelation the UK’s tax authority set up a secret unit to probe family investment companies, specifically their use by the wealthy to avoid inheritance tax.
For the first time, legal persons and other entities are obliged to declare their Ultimate Beneficial Owners (UBO) to the Central Register of the Ministry of Finance (MFA).
For the first time, legal persons and other entities are obliged to declare their Ultimate Beneficial Owners (UBO) to the Central Register of the Ministry of Finance (MFA).
Sustainability, growth and jobs are at stake when the issue of UK family businesses and inheritance tax flares up, say sector experts.
Sustainability, growth and jobs are at stake when the issue of UK family businesses and inheritance tax flares up, say sector experts.
Tax Justice UK’s new research released this week said the British government was handing out up to £666 million ($849 million) a year in inheritance tax reliefs on land and business property to families who were already well off.
Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny.
Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny.
Uncertainty over the legal status of non-domiciles, residency and Brexit is behind a flight in wealthy individuals and families from the United Kingdom to friendlier destinations around the world.
Uncertainty over the legal status of non-domiciles, residency and Brexit is behind a flight in wealthy individuals and families from the United Kingdom to friendlier destinations around the world.
Relocation experts discussed the trend at a high net wealth mobility event near London last month, sponsored by Locate Guernsey and attended by about 130 private wealth advisors.
Dermot Campbell, chief executive of Kuber Ventures, a tax efficient investments platform, asks what next for UK family offices after the British General Election resulted in a hung parliament.
Dermot Campbell, chief executive of Kuber Ventures, a tax efficient investments platform, asks what next for UK family offices after the British General Election resulted in a hung parliament.
The 2017 UK General Election concluded with the government stuck in a period of extreme legislative impasse which may stall Treasury moves to change the UK’s tax efficient investments regime, a sector which has been growing in importance to family office investors.
Family business specialists are calling on the British government not to reintroduce plans to cut tax breaks on dividends but some observers say the measures are likely to be brought back after the forthcoming general election.
Family business specialists are calling on the British government not to reintroduce plans to cut tax breaks on dividends but some observers say the measures are likely to be brought back after the forthcoming general election.
As part of a wider downsizing of an unusually lengthy piece of legislation, the British government put aside proposals in its 2017 Finance Bill to cut the dividend tax-free allowance from £5,000 to £2,000 ($6,468 to $2,587).
Families should plan ahead to ensure they can make use of tax exemptions when businesses are transferred from one generation to the next, a report has advised.
Families should plan ahead to ensure they can make use of tax exemptions when businesses are transferred from one generation to the next, a report has advised.
The scandal over offshore investments is not set to influence the investment decisions of family offices, experts say, although reputational risk is a key consideration.
The Panama Papers revelations are unlikely to influence the decisions that ultra-high net worth (UHNW) families make over their finances, according to a leading specialist.
There are only likely to be “very, very limited” effects on how family offices operate, said Sascha Klamp, managing director and chief investment officer of London-based CITE Investments.
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