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I accept no liability of any sort in relation thereto and you should obtain your own verification of any statement before making any decision which may have financial or other impact.
Neither the information or opinions herein constitute, or are they to be construed as, an offer or solicitation to buy or sell investments, and is purely a reflection of information that I have found personally useful.
The KL office will be closed on the following dates. Please ensure that anything urgent is given enough time to be sorted. To contact us during these times please send me an SMS, an e-mail or use the Contact Me page.
Dec 1st until Dec 3rd (reopen 4/12) – Public Holiday
Dec 9th until Dec 17th (reopen 18/12) – Travelling to Kota Kinabalu (Sabah), Miri (Sarawak) and Brunei.
Dec 22nd until Jan 3rd 2018 (reopen 4/1/18) – Travelling to Phuket (Thailand).
Jan 16th until Jan 22nd (reopen 23/1) – Travelling to Miri (Sarawak) and Brunei.
Feb 1st (reopen 2/2) – Public Holiday
Mar 15th until Mar 23rd – Travelling to Melbourne and Yarrawonga (Australia).
Mar 24th until Apr 2nd (office reopen 3/4) – Travelling to Cootamundra, Bathurst and Sydney (Australia)
Aug 25th until Aug 31st – Travelling to London, Leicester, Peterborough and Hastings (UK)
Sep 1st until Sep 8th – Travelling to Budapest and Cserszegtomaj (Hungary)
Sep 10th until Sep 16th (office reopen 17/9) – Travelling to Slough, Newbury, Camborne and Exeter (UK)
Castlestone no longer provide reports on the global markets. I shall keep other information updated as often as possible but you can always use the Contact Me section to request the latest details. More information about the Castlestone range of funds and their performances can be found on the Castlestone Funds page.
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.