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Robert Paul, Partner in the US Family Office spoke to Chris McLemore, Attorney at Butler Snow and Rachel Davison, Senior Counsel at Taylor Wessing about how to create an estate plan which works on both sides of the Atlantic, we have summarised their discussion below.
Estate planning can be complex at the best of times, but it is even more important to get it right for Americans who have been in UK for a number of years. This is because a person’s tax status changes significantly after they have lived in the UK for 15 years.
Following a change to legislation in late 2017, anyone who has lived in the UK for 15 out of 20 years will be ‘deemed domicile’ for all UK taxes. Anyone caught in this situation will be taxed in the UK on their worldwide income and gains, in addition to being subject to UK inheritance tax (IHT) on worldwide assets.
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