Tax legislation and regulations are constantly evolving and changing, and as individuals and families become more international, and your family members, business interests and assets are in more than one country, it is easy to inadvertently get things wrong.
Where a formal tax opinion is required, Sanctuary is able to provide this through its associate company, Alderley Global (registered with the Institute of Chartered Accountants in England and Wales), where Deepak Malhotra (our Senior Partner at Sanctuary), is the 100% owner. Alderley Global can work with you on your multi-jurisdictional tax affairs, to make sure that you are up to date with your tax filings and you are fully compliant with the relevant legislation and regulations. We can advise you on specific transactions, such as the sale of a business or real estate, or the tax consequences of an event, such as a family member moving abroad. We can also help you develop a strategy to ensure that you keep on top of things and a structure to help manage your assets.
Do you own property in the UK?
If so, did you know that you have to file a return and there could be UK tax to pay on any rental income received? If you sell a property, or a company that owns property, UK tax is payable on any gain and you may need to file a return within 30 days or else pay fines. Inheritance tax is payable on UK residential property at 40% of its market value, usually on the passing of the owner. At Sanctuary, we can advise you on ways to mitigate the tax with some sensible tax planning.
Are things about to change?
Maybe you or someone in your family has moved abroad. Have you thought about the tax consequences? Are you a resident in more than one jurisdiction? If so, is there a double tax agreement in place to ensure that you don’t pay tax twice? Should you/can you move assets or investments to reduce your tax exposure? Will that trigger a tax charge? Maybe you are going to sell your business, or you want to gift assets to family members. All of this needs to be taken into consideration and we are here to advise you.
When did you last give yourself a financial health check?
Circumstances change, legislation changes, financial situations change but very often we don’t respond to these changes by reviewing and updating our financial affairs. This means we might be missing opportunities, such as thinking about planning for succession, or saving for retirement. Maybe our affairs are overly complicated, so fees are more than they need be.
With over 50 years’ experience between them, our highly experienced tax professionals are here to address your concerns and offer valued advice.
To find out more about Alderley Global, please click here.
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