01 January 2021
Impact of Brexit on Private Client matters
The rules on inheritance of European assets was and 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.
Charitable exemption status for EU charities for inheritance tax purposes appears at the present time to be unaffected by Brexit. Charitable exemption status is mostly relevant where charities are left legacies in one’s Will. This should mean that you can continue to leave tax free legacies to EU charities in UK Wills at the present time.
As the exemption for EU charities is part of English law, it would require specific action on the part of the UK government for this exemption to be withdrawn. At the present time, it does not appear that any such change had been tabled, but the position may change at any time.
For further information or advice get in touch with our Private Client team today on firstname.lastname@example.org or 01753 279030.