09 March 2020
Impact of Brexit on Private Client matters
The law in this area, with the exception of changes in taxation, has changed very little for more than a hundred years, and much of its associated jurisprudence predates membership of the EU.
For now, there is no clear indication of any Brexit related changes to the current law. One of the few potential areas of impact relates to the continuation of charitable exemption status for European charities for inheritance tax purposes (normally relevant where such charities are left legacies in one’s Will). As this exemption is now part of English law, it would require specific action on the part of the UK government for this exemption to be withdrawn. This is more likely to happen if EU countries begin withdrawing the relief to UK charities under their own succession rules.
The rules on inheritance of European assets remains outside of UK influence, as the UK never signed up to the EU Succession Regulations. As such, the UK remains free to set its own rules on the inheritance of UK assets by European nationals, as much as European countries are free to set the rules on inheritance of European assets by UK nationals.
For further information or advice get in touch with our Private Client team today on firstname.lastname@example.org or 01753 279030.