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US and UK Year End Planning 2018: Ownership of Assets and Gift and Estate Planning

Private Clients - 29 Nov 2018

  1. Gifts from US citizens/residents to others have annual exempt limits which you may wish to use before the year is over, subject to your overall integrated estate and gift strategy.
  2. Are your family assets owned in a way which suits your longer-term needs and your income tax profile?
  3. Given the large exemptions available for US estate and gift tax purposes, most taxpayers should now give greater attention to their exposure to UK inheritance tax and consider sensible planning. We would recommend that you review any charitable bequests within wills to ensure a deduction is available for IHT purposes, consider a regular giving strategy, and consider the potential advantages of holding assets which would potentially qualify for business property relief. For those who are deemed domiciled an aggressive gifting strategy might be considered while for those about to become deemed domiciled in the UK an excluded property trust should be considered.

As always, whenever contemplating a major transaction, you should check with us first to ensure the best integrated US/UK tax outcome for your circumstances. When multiple national tax systems are involved, something approached on auto-pilot in one country can easily trigger a ‘bad’ outcome in another regime.

If a transaction or significant payment could take place either side of the US or UK year-end, please talk to us about your options. The interaction of the US and UK tax systems is complex, and we are here to help you understand your options and make informed choices.

To discuss any points raised in further detail, please contact your Frank Hirth adviser.

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Frank Hirth's offices will close for the holidays at the close of business on Monday 24 December 2018 and will re-open on Wednesday 2 January 2019.

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Lucy Townsend

Lucy Townsend

Private Client Associate Director

T: +44 (0) 20 7833 3500
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Office: London