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Where Taxpayers and Advisers Meet

Search found 42 matches

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by NonDom41
Tue Oct 01, 2019 3:16 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: High Bank Charges
Replies: 1
Views: 5574

High Bank Charges

If you have an investment fund (Pimco, BlackRock, Schroder etc.) at your bank, the bank charges you very high fees just for keeping your fund portfolio with them. These fees are not even tax deductible. Is it possible to hold your funds directly with the fund company without involving a bank to save...
by NonDom41
Sun Aug 18, 2019 3:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax Wife
Replies: 7
Views: 9352

Re: Inheritance Tax Wife

Does that mean the wife of a UK-resident/domiciled inherits all assets (local and worldwide) of her husband 100% UK-tax-free automatically even if there is no Last Will existing ? Or is the existence of a Last Will required that indicates the wife as the sole heir ?
by NonDom41
Wed Aug 07, 2019 9:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax Wife
Replies: 7
Views: 9352

Re: Inheritance Tax Wife

Thank you.

That means, I can give assets to my wife UK-tax-free regardless of the total value ? There is no threshold ?

I have read somewhere that there is a difference if the wife was not born in the UK.

Can you answer these two questions ?
by NonDom41
Wed Aug 07, 2019 2:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax Wife
Replies: 7
Views: 9352

Inheritance Tax Wife

I am considered domiciled in the UK (previously a NonDom but now resident in the UK for more than 15 years). If I die and give all my assets in my last will to my wife she will inherit all my assets UK-tax-free; no matter the value. All assets lie outside the UK and have been outside before we moved...
by NonDom41
Fri Mar 01, 2019 1:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 822

Re: UK tax for house in the USA

Thank you all for your valuable information.

I will not proceed with my plan as described. As far as I can see there is no effective measure for an alien non-resident to lower US-inheritance tax in a case like mine. Is this correct?
by NonDom41
Tue Feb 19, 2019 4:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 822

Re: UK tax for house in the USA

Thank you. The house is an investment and rented out. Currently I file a US as well as a UK-Income tax return every year where the rental income is reported. Does my son have to file a UK-income tax return every year in addition because of his relevant shares (they change each year because they add ...
by NonDom41
Sun Feb 17, 2019 7:30 pm
Forum: Capital Gains Tax, CGT
Topic: UK-tax on house in the USA
Replies: 0
Views: 587

UK-tax on house in the USA

I own a house in the USA. A foreigner like me who owns a property in the USA is subject to high US inheritance tax (only $60,000 allowance). In order to bring down these taxes for my son when I die, I have arranged the following: I gift him a part of the house in the value of $15,000.00 every year. ...
by NonDom41
Fri Feb 15, 2019 7:12 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 822

UK tax for house in the USA

I own a house in the USA. A foreigner like me who owns a property in the USA is subject to high US inheritance tax (only $60,000 allowance). In order to bring down these taxes for my son when I die, I have arranged the following: I gift him a part of the house in the value of $15,000.00 every year. ...
by NonDom41
Tue Jan 29, 2019 9:22 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Tax on gift of investment bond
Replies: 3
Views: 10151

Re: Tax on gift of investment bond

Thank you for your explanation.

However, if I give this gift to my son after 15 years residence (and I am deemed domiciled) income/gift tax or CGT would be due. Correct?
by NonDom41
Sun Jan 27, 2019 2:44 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on gift of foreign property?
Replies: 3
Views: 530

Re: CGT on gift of foreign property?

Thank you, Adam593 The flat is situated in Germany and it falls within the German gift tax allowance; i.e. there is no tax due in Germany. It was bought in 1981 for GBP 100,000.00 and the value today is approx. GBP 220,000.00. This means the difference of GBP 120,000.00 would be subject to UK-capita...

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