Dermot Callinan, Head of Private Client, comments on inheritance tax on UK residential property held through offshore companies.
Commenting on inheritance tax on UK residential property held through offshore companies Dermot Callinan, Head of Private Client, KPMG commented:
“The Chancellor has announced previously that measures would be introduced so that both direct and indirect holdings of UK residential property of non-UK domiciled individuals will be within the charge to inheritance tax in April next year. This means that an IHT charge could in future be triggered by a property transaction during an individual’s lifetime, and/or on death if the property forms a part of their estate.
“As no further information was provided in the Budget today, we need to wait a little longer for the final detail about how this change will be implemented, given that this is a significant change impacting high value assets.
“We are seeing individuals who might be affected confirming their current position and carefully calculating how these changes might impact their UK residential property holdings so that, once further detail is announced, they are able to make and implement informed decisions before the new rules take effect.”
Follow us on twitter: @kpmguk #Budget2016
For further information please contact:
Roger Newby, FTI Consulting
M: 07894 093 892
KPMG Press office
Tel: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© 2017 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 15 Canada Square, London, E14 5GL, UK.