IHT question

Mr no more tax · Post by **Mr no more tax** » Wed Sep 29, 2004 9:13 am

Hello all

Just as we manage to abolish Portuguese IHT the resident constantly harps on about how we are all domiciled in the UK so we're liable for that tax now !!!!

Does anybody know how you can stop paying Gordon Brown's stupid UK inheritance tax ?

I've lived in Portugal for over 13 years . My home here is in my own name(and wifes) and I have a kid here as well.

I own no assets in the UK but probably would get clobbered by owning more than the exemption amount for UK IHT.

Is it best to put your assets in a trust here( i belive there is a 10% gift tax in portugal) or transfer the house to a company in a white listed jurisdiction ?

Is anybody on this forum in the same situation as me ? If so what have you done?

Before you ask, I have spoken to my accountant and he seems to think a company would be best for uk iht. But I don't trust him

Cheers guys and gals

all the best....

Guest · Post by **Guest** » Wed Sep 29, 2004 9:50 am

Blevin Franks just gave a seminar on all the questions you asked......Talk to Gavin Scott at Blevins Portugal......he will advise you ref IHT and Trusts.....Sovereign also know all about this but I personally have not been happy with their service and response (Just my experience..I'm sure many are very happy with them)......Blevin Franks will tell you that you CAN shake off your UK domicile and will advise Trusts and PPBonds for of shore non transparent savings..(The latter works and is completely legal)
I personally have a big question mark about Blevins claim to shaking off Domocile.....I'm not sure I beleive them ..I have spoken at length with the UK IR and they advise me that Blevins strategy is very dangerous....but it is true that a very few individuals have managed to do this..whilst most have failed ..and found out ..only after they were dead...If you get the drift !!...
Right..that should stir things up........Biffa ??????

Mr no more tax · Post by **Mr no more tax** » Wed Sep 29, 2004 12:29 pm

Thanks for the reply,

But I'm still confused even using B Franks approach you would still have to set up a trust and that would incur a charge of 10% of anything you place in there, wouldn't it????

Cheers

Jazza · Post by **Jazza** » Wed Sep 29, 2004 3:59 pm

Hi Mr no more tax

I might be wrong here as well, but I believe that you can put assets into an offshore bond and then nominate the beneficiary of the policyholder to be the trust.

Therefore no gift tax is payable..

Genious right

Then again I may be wrong!!!!!!!!!!!!!!!!

Guest · Post by **Guest** » Wed Sep 29, 2004 6:37 pm

RE IHT email Glyn he is an absolute wizard on this topic. If you email Sally she will make sure he replies pronto as he has a very busy schedule
sally@braemar-group.co.uk
Good Luck