If there is a possibility that you might receive an inheritance in the future, it is important to be aware of the following four things. Keep them in mind for future reference.
When living overseas, understanding the difference between domicile and residence is critically important. Unfortunately, the two are often confused. The resulting tax implications can be significant and wide-ranging.
Prior to April 2015, retirement options for those who had a personal pension or self-invested personal pension (SIPP) were fairly limited. You were able to take a pension commencement lump sum equivalent to 25% of your pension fund, which was tax-free, and the rest had to be used to purchase an annuity that would provide you with a set income for life. However, since then the rules have changed and there is now a lot more flexibility if you have…
