Leaving Behind your Legacy

Inheritance tax is commonly defined as a tax on people who fail to plan their estate tax efficiently. With careful planning, independent advice can make it possible to legally avoid a significant amount of inheritance tax. There are a number of different factors to consider before you choose the correct plan for you.

Frequently Asked Questions

People often assume this is the case, but in most cases its incorrect. If you have any ties to the UK such as ownership of properties, bank accounts, or even something as little as a magazine subscription, it can be very difficult to lose your domicile status. Even if you follow the rules set out by the UK, they can decide against it.

If only it were that simple! Depending on the amount you gift, you will be liable to Inheritance Tax if you give away more than £325,000 in the 7 years before your death. This can land people in hot water if they have been gifted money and spent it all, only to find out they have a huge tax bill to pay. Trust planning can help avoid this as well as many other situations.

Not all of your assets will be liable to IHT. You also receive a nil-rate band of £325,000 which goes up to £650,000 if you’re married. Pensions for example fall outside of your estate and are subject to different death tax rules whereas cash and property are liable. This is where asset allocation becomes important to avoid unnecessary IHT as once you go above your nil-rate band, your beneficiaries will pay 40%. You may also be liable to inheritance tax in your country of residence on top of UK IHT rates.

Leaving Behind your Legacy Inheritance tax is commonly defined as a tax

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Domicile Status

Domiciled status can be based on origin of birth, nationality of your father, how many years you have live in the UK and so on. Your status can never be changed until you die, therefore you need to ensure your estate is in order before you die so that your family and beneficiaries do not have any unforeseen inheritance taxes to pay. There are many methods to avoid IHT other than trying to change your domiciled status.

Local Laws

The 3 major types of law are civil law, common law & shariah law. This means that your beneficiaries may not be covered by local law in the unfortunate event of death. This effects everything from pensions, investments, and even legal rights to children.

Mitigation

It’s not all doom and gloom. There are some very simple ways to mitigate your IHT liabilities by using special investment vehicles which protect your assets upon death from local laws and national laws. We can help you understand what falls under your estate for IHT purposes and how the rest of your wealth can be mitigated.

Invested a lump sum and transferred my pension with SJB Global last month. Happy so far and looking forward to seeing how the investments perform. I was really impressed with the process and explanation of complex terminology.

Barbera Louis

Having previously gotten cold feet after almost going through with the transferal of my UK private pension to a QROPS with another wealth management company who, for a number of (good) reasons I felt uneasy with, I decided to look independently for an alternative adviser and was fortunate to come across Sam Barber quite by chance. Thanks to his endless patience in answering all of my questions and his excellent support throughout the entire process (which seemed very daunting initially), I am now confident that my future pension is in the best hands. He has put my mind at rest over so many issues and my initial lack of trust in such financial institutions has fully dissipated since becoming his client. I have no hesitation in recommending Sam to anyone who is even just considering transferring a pension out of the UK. He will not talk you into anything that you are unsure about and no question is too stupid. He knows what he’s talking about, gives sound advice and is 100% reliable. There are without doubt many sharks out there – happily Sam is not one of them.

Alia Harrison

I transferred my pension 6 months ago after speaking with a number of advisers in relation to my enquiry. Having initially being overwhelmed with the ordeal, Sam made me feel at ease with the whole process. And on our first semi annual review I am very pleased with the performance and feel like I have made the right decision. I would recommend SJB global to any expat who is looking to transfer their pension.

Jade Bolton

I started the process of finding information out about how to transfer my UK pension overseas and got a bit lost with it all. After sending out a few inquiries, I decided to go with Jake as I found his advice and costs to be completely transparent. The other 2 advisers had recommended me a QROPS and Jake said I was best suited to transfer to a SIPP and sent me links to authoritative websites to back up his reasons. I would recommend Jake to anyone who is looking for transparent advice.

Salvador Iglesias

Invested a lump sum and transferred my pension with SJB Global last month. Happy so far and looking forward to seeing how the investments perform. I was really impressed with the process and explanation of complex terminology.

Barbera Louis

Having previously gotten cold feet after almost going through with the transferal of my UK private pension to a QROPS with another wealth management company who, for a number of (good) reasons I felt uneasy with, I decided to look independently for an alternative adviser and was fortunate to come across Sam Barber quite by chance. Thanks to his endless patience in answering all of my questions and his excellent support throughout the entire process (which seemed very daunting initially), I am now confident that my future pension is in the best hands. He has put my mind at rest over so many issues and my initial lack of trust in such financial institutions has fully dissipated since becoming his client. I have no hesitation in recommending Sam to anyone who is even just considering transferring a pension out of the UK. He will not talk you into anything that you are unsure about and no question is too stupid. He knows what he’s talking about, gives sound advice and is 100% reliable. There are without doubt many sharks out there – happily Sam is not one of them.

Alia Harrison

I transferred my pension 6 months ago after speaking with a number of advisers in relation to my enquiry. Having initially being overwhelmed with the ordeal, Sam made me feel at ease with the whole process. And on our first semi annual review I am very pleased with the performance and feel like I have made the right decision. I would recommend SJB global to any expat who is looking to transfer their pension.

Jade Bolton

I started the process of finding information out about how to transfer my UK pension overseas and got a bit lost with it all. After sending out a few inquiries, I decided to go with Jake as I found his advice and costs to be completely transparent. The other 2 advisers had recommended me a QROPS and Jake said I was best suited to transfer to a SIPP and sent me links to authoritative websites to back up his reasons. I would recommend Jake to anyone who is looking for transparent advice.

Salvador Iglesias

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