An Italian-domiciled individual who has been resident in the UK for a number of years (and has become so-called 'deemed domiciled'), in the absence of treaty protection, will be subject to UK inheritance tax on their worldwide assets, wherever located. Successful reliance on the UK/Italy Estate Treaty (the 'Treaty') can be helpful to alleviate [...]
The personal representatives ('PRs') are responsible for administering the estate following a death. The PRs will either be appointed under the Will (i.e., executors) or, in the absence of a Will, by the Court. The PR will be responsible for applying for the Grant of Representation (which gives them authority to deal with the [...]
Planning through trusts remains the most flexible solution from a UK tax perspective for res non-doms (i.e., foreigners who live in the UK). Such trusts, created before the individual becomes UK deemed domiciled (i.e. before year 16 of UK tax residence) and funded with non-UK situs assets, offer potentially significant UK tax benefits, including [...]
