The following Trusts and Inheritance Tax guidance note by Tolley in association with Richard Frimston at Russell-Cooke Solicitors provides comprehensive and up to date tax information covering:
In the UK, Inheritance tax on death may be altered or deferred in a number of ways:
In a cross border context Variations are generally mere tax fictions and are very unlikely to be recognised in another jurisdiction.
Common law jurisdictions may have more scope for tax planning since assets usually vest in personal representatives rather than direct in beneficiaries. The USA and France are cited below as particular examples, but local advice is always necessary.
Disclaimers are certainly a more universally understood concept. Any relevant time limits are certain to be different and are very easy to miss.
Where qualifying conditions apply, a claim can be made to reduce inheritance tax payable when the value of land or shares in an estate has reduced after the date of death. See the Sale of land from deceased estate and Sale of shares from deceased estate guidance
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