To try to establish a change of domicile from the UK to Cyprus and therefore minimise the exposure of her estate to UK inheritance tax, her tax adviser recommended cutting ties with the UK. She sold her property and has now been informed that her bank is closing her account due to Brexit.
As an existing medical insurance client of 3D Global, it was a natural progression for Elizabeth to speak to an investment advisor to assess the options open to her in relation to her funds and the bank account which held a significant balance after the sale of her property. After a full analysis of her financial position Elizabeth was assisted in opening a new bank account in the Isle of Man and an investment account was set up into which her mutual funds were invested. The balance of her bank deposit was placed into an investment held in trust in favour of her granddaughters.
The result of this process is that Elizabeth has effectively cut all ties with the UK, therefore her estate should not be subject to UK inheritance tax. The majority of her capital is now working for her, providing a return in excess of inflation and the funds invested for her granddaughters will be available to them when they turn 18 – exactly what Elizabeth wanted.
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