Inheritance Tax

News & Analysis as of

Registration Duty – All clear ?

Yesterday, the director of the Luxembourg indirect tax administration (administration de l'enregistrement et des domaines) issued circular n° 782 dated 2 January 2017 (the "Circular"). The Circular recalls the main changes...more

Final Response to Non-Dom Consultation Published

The UK government has released its final response to the further consultation on reforms to the taxation of non-UK domiciliaries (non-doms), together with some draft legislation that will take effect from 6 April 2017. As...more

UK Autumn Statement 2016: inheritance tax and business property relief | Insights | DLA Piper Global Law Firm

In the 2016 Autumn Statement, The Chancellor announced that reforms, originally proposed in Summer Budget 2015, to inheritance tax and business investment relief for non-UK domiciled individuals will come into effect from 6...more

New Jersey Repeals Estate Tax

As a result of new legislation, New Jersey has eliminated its estate tax as of January 1, 2018. Under the estate tax, New Jersey levies a tax on all assets of a decedent’s estate in excess of $675,000 (except assets passing...more

New Jersey Tax Law Update

The new tax law raises the gas tax to increase state revenue, but also includes provisions that are designed to reduce taxes for New Jersey residents. On October 14, New Jersey Governor Chris Christie signed into law...more

Using corporate structures to own UK residential property – a dead end?

Historically, UK resident non-domiciled individuals have been able to achieve certain tax advantages through holding interests in UK residential property through offshore companies. In recent years, the UK government has...more

Inheritance Tax Reform passed – Germany misses chance to tame Tax-Bureaucracy for Family Owned Businesses

Bryan Cave’s Tax law expert Stefan Skulesch: “Last minute solution with flaws will continue to impede company successions in Germany” - On 14 October 2016 the Bundesrat (the upper house of the German parliament) has...more

Proposed New UK Penalties Regime Precipitated by CRS

Many people will be familiar with the information gathering and reporting requirements the OECD’s Common Reporting Standard (“CRS”) places on financial institutions. The first exchanges of information between tax authorities...more

Successfully Selling Your Business: 4 Tips – No Matter the Buyer

Among the growing number of business owners looking to sell their business, JR and Sue Ellen Pawlenty are in the market to sell their company Pawlenty Energy. Recently Tilting the Scales highlighted Successfully Selling Your...more

UK Residential Property Tax Reforms Increase IHT Liabilities

The UK Government has published a consultation document and draft legislation relating to the reforms of UK residential property taxation that are due to take effect from 6 April 2017. The new rules mean that most UK...more

[Webinar] U.S. Tax and Estate Planning for Foreign Persons - Meritas Capability Webinar - September 27th - 1:00p.m. U.S. CDT

Many successful people come to the United States from other countries, either permanently or on study or work assignments that are intended to last just for a few years. These people may earn income in the United States and...more

Further Changes Announced to the Non-Domiciles Regime

On 19 August 2016, the UK Government published a new consultation paper together with draft legislation which will affect changes to the non-domiciles (“non-doms”) regime in the UK. The proposals will be legislated...more

The Hidden Cost Of “Going Home” — the Expatriation Tax for Long-Term Permanent Residents Who Return to Their Home Countries

People immigrate to the United States for many different reasons. Many come here for work reasons and, somewhere along the way, obtain permanent resident status, otherwise known as holding a “green card.” They may work in the...more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more

Paradox of Mental Incapacity in State Estate Tax: How Moving Your Elderly Parent from Florida May Generate an Unexpected Estate...

It is a difficult enough for families to come to grips with having to care for an elderly parent that may no longer be able to live on their own. After coming to terms with this unfortunate reality, the next steps often...more

Important Tax Provisions of Extended Highway Trust Fund Act

The “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015? (P.L. 114-41, “the Act”) became law on July 31, 2015. Designed as a 3-month extension of the Highway Trust Fund and related measures, the...more

Trust And Estate: Changes To UK Resident Non Dom Income Tax Laws Leads To Need To Establish A Resident Non Dom Income Tax Trust...

The UK tax obligations of an individual depend in large part on the individual’s "domicile" under generally applicable English common law principles. The citizenship of an individual is irrelevant under the UK tax system. The...more

Addressing the Residency Question - Trust and Estates Update Vol. 2015, Issue 1

Generally, the first criterion for determining whether an individual is subject to probate or to estate or inheritance tax in a state is the individual’s domicile at the time of his or her death. In an increasingly...more

More UK Residential Property for the IHT Net

The headline-grabbing inheritance tax (IHT) news from last week’s Budget was the introduction, from April 2017, of an additional nil rate band when a residence is passed on death to direct descendants. However this is only...more

UK Summer Budget 2015: Osborne's 'Big Summer Budget' – the key measures impacting business

The first fully Conservative Budget for 18 years, following the end of the Coalition as a result of the May general election, was anticipated to be a 'Big Budget' but in truth it was a mixed bag: the game changers are the...more

Chancellor Scraps Permanent Non-Dom Status!

Until now, the UK has been one of the most welcoming jurisdictions in Europe where non-UK-domiciled individuals could live. Today, Chancellor George Osborne announced in his Summer Budget that from April 2017 the rules...more

Tax Law Blog: Legislature Passes Bill Affecting Iowa Trusts and Estates

The Iowa Legislature just passed House File 661, which was proposed by the Probate and Trust Law Section of the Iowa State Bar Association and supported by the Iowa Academy of Trusts and Estates Lawyers. ...more

Same-Sex Marriages Recognized for Inheritance and Realty Transfer Tax Purposes

In Inheritance Tax Bulletin 2015-01 and Realty Transfer Tax Bulletin 2015-01, issued on February 25, 2015, the PA Department of Revenue announced its policy concerning same-sex marriages and the impact of the May 20, 2014...more

State of the Union Surprise: President Targets Inherited Assets in Middle-Class Tax Reform

After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more

It’s That Time of Year!

One can always tell when an election year is upon us. Maryland Republican lawmakers resume their quest to eliminate or severely curtail Maryland’s Estate Tax and Inheritance Tax and their Democratic counterparts oppose it. ...more

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