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Dec 22nd until Jan 1st 2019 (reopen 2/1/19) – Office Holiday.
Ramadan Month 2018 will be from Wednesday 16th May until Thursday 14th June. This will affect normal
RL360 provide a very good overview of what’s been happening in the markets. I shall keep this updated whenever a new version is available. If you are looking for old figures then you can always refer to the Archive section. For any information on the range of RL360 products or to talk about what can be done in different markets, please contact me.
Overseas trusts with beneficiaries based in the UK will be forced to pay tax in assets which had previously fallen outside the British tax net after HM Revenue & Customs amended a long-standing piece of legislation.
HMRC quietly announced last week that it had made some amendments to its Inheritance Tax manual, which includes changes to section IHTM27079 – Specialty debts: bonds and debentures under seal as well as a few related sections which follow.
The amendment means that where a speciality debt (which includes a debt made by deed – commonly used by overseas trusts) used to be taxed on the basis of where the relevant deed was located, it is now taxed on the basis of where the beneficiary resides, which in some cases will be the UK.
According to Gary Heynes, private client group partner at Baker Tilly, this alteration to a “centuries old” piece of tax legislation could have significant implications for overseas trusts. The tax expert also suggested the fact that HMRC did not consult the industry in anyway, could set a worrying precedent for future changes.
“This will have a major impact for those working within accepted general legal principles and HMRC practice, who suddenly find themselves in a taxable position with no consultation, no explanation for the change, and no opportunity to make any changes to their arrangements – assuming HMRC’s revised position is to be accepted,” said Heynes.
“While overseas trustees may seem a small group of taxpayers to be affected, this could impact many more taxpayers if HMRC now start changing their view in other areas of accepted practice, without consultation or opportunity to change arrangements.”
However, Gerry Brown, technical manager at Prudential did not share Heynes’s view that a consultation was necessary adding that if there were a consultation on every change in interpretation “we would never get any finality”.
It is understood that there are a number of challenges being presented to HMRC, both in relation to specific cases and the new interpretation itself.
To view the amendments please visit HMRC’s website here. Please also feel free to Contact Me at any time if you would like to discuss your personal case and how you may be affected.
After the death of a policyholder of an Isle of Man asset probate is administered by the General Registry within the Isle of Man Courts of Justice, and may be required if the estate is worth more than £5,000.
You can apply for probate yourself as long as you live on the island, but if the estate is complex you may choose to use an Isle of Man advocate, which is a lawyer who combines the role of a solicitor and barrister. If you do not usually live on the Isle of Man and the asset holder is willing to do so, you may be able to apply for probate using their address.
To find an advocate, you can visit the Isle of Man Law Society website or call +44 (1624) 662 910.
The General Registry can guide you on the process of application, but cannot give you advice about the distribution of the estate. Once probate is granted, the documents are stored in the Deeds Registry.
The General Registry
Isle of Man Courts of Justice
Isle of Man
Tel: 01624 685265
If there is no Will, a grant is usually applied for by a beneficiary. The beneficiary must give notice of their application to all other people entitled to a share of the estate who are a resident of the Isle of Man.
It is very important for all holders of Isle of Man insurance policies, savings products and bank accounts to make sure that they avoid the need for probate to avoid problems for their beneficiaries.
If you are unsure then I shall be glad to help out, just Contact Me and I can guide you through the process.