International Families
International families are faced with numerous uncertainties, relating to an ever-changing external global outlook and evolving internal family dynamics, that make wealth planning hugely challenging. Families with connections to the UK are currently dealing with acute levels of uncertainty as a result of Brexit, which looks to continue for some time yet. During these times of uncertainty, it can be tempting for families to hold back from making succession plans, when it is arguably even more important to have plans in place, to mitigate against these increasing risks. Therefore, international families must shift their mindset from "wait and see" to "act now", in order to utilize current planning opportunities to safeguard their wealth.
This series of articles, and downloadable PDF, explore the issues currently facing international families, including the potential impact of recent legislation changes in the UK to capital gains tax for non-residents.
Introduction: International Families - A Global Overview
As advances in technology and communication contribute to an ever-shrinking world, people are increasingly living an international existence, owning property in several different jurisdictions and dividing their time between them. At the same time, their children are moving to different places and starting lives and relationships in countries with widely differing cultures and legal and tax systems. Read more...
The impact of the 2019 changes to non resident CGT on UK property
In line with the global trend over the last decade to seek out additional sources of tax, particularly from overseas, the UK government continues to target UK non-residents for tax revenue. The most recent change is a widening of the types of UK real estate that are subject to capital gains tax in the hands of UK non-residents. Xavier takes a look at the wider context of the new rules that took effect in April 2019 and gives his thoughts on what might come next. Read more...
How international families can use Family Governance to safeguard against uncertainty
More people are earning more wealth than ever before and that means that they need to think about how they pass on that wealth in the future. You only need to look at the newspaper headlines to see stories where a failure to plan has led to wealthy families battling over money and businesses. Infamous family feuds between the Ambanis and the Hos highlight the importance of transitional planning and the consequences of not having a plan in place. Read more...
The use of nuptial agreements for International Families and the impact of Brexit
Nuptial agreements are a crucial component of wider family wealth planning. They provide financial and jurisdictional certainty in the unfortunate event that a marriage break down. They are particularly important for international couples with links to England. Read more...
The challenges of trust and estate planning for internationally mobile families
Diverse dynastic drivers - Rosie Schumm and Emma White participate in STEP Journal roundtable. Read more...
