It was recently reported in the British press that bragging rights could be earned amongst ultra-wealthy families and their family offices by paying more tax, not less. But how did we get here and what does it mean for family offices in the future, particularly as governments around the world count the financial costs of the Covid-19 pandemic?
It was recently reported in the British press that bragging rights could be earned amongst ultra-wealthy families and their family offices by paying more tax, not less.
The Chancellor laid out a supportive package of measures to help businesses, while having one eye on a longer-term plan to balance public finances. Despite recent speculation about changes to Inheritance Tax, Capital Gains Tax, and the introduction of a Wealth Tax, the current thresholds have been maintained for the time being.
The Chancellor laid out a supportive package of measures to help businesses, while having one eye on a longer-term plan to balance public finances. Despite recent speculation about changes to Inheritance Tax, Capital Gains Tax, and the introduction of a Wealth Tax, the current thresholds have been maintained for the time being.
HM Revenue & Customs’ powers to obtain information from financial institutions are set to increase, with the requirement for taxpayer or tribunal approval to be removed. Although not yet in force, the legislation is at an advanced stage and will be of interest to family offices.
HM Revenue & Customs’ powers to obtain information from financial institutions are set to increase, with the requirement for taxpayer or tribunal approval to be removed. Although not yet in force, the legislation is at an advanced stage and will be of interest to family offices.
The UK tax authority’s suspension of its Inheritance Tax investigations during the coronavirus crisis gives family offices the opportunity to get their affairs in order, family lawyers say.
The UK tax authority’s suspension of its Inheritance Tax investigations during the coronavirus crisis gives family offices the opportunity to get their affairs in order, family lawyers say.
With the spread of Covid-19 bringing the UK housing market to a standstill and shaking financial markets across the world, families who have lost loved ones leading up to the outbreak of the pandemic, could be seeing some of their assets plummet in value. If inheritance tax has already been paid on those assets on the basis of their higher values in the pre-Covid world, an inheritance tax rebate could be due.
With the spread of Covid-19 bringing the UK housing market to a standstill and shaking financial markets across the world, families who have lost loved ones leading up to the outbreak of the pandemic, could be seeing some of their assets plummet in value. If inheritance tax has already been paid on those assets on the basis of their higher values in the pre-Covid world, an inheritance tax rebate could be due.
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.
