Many taxpayers leaving the UK to emigrate to Australia mistakenly believe they have left UK Inheritance Tax behind. This is not always the case, and it can colour the tax decisions you make as an Australian-resident. Family Trusts, a very common tax-planning device in Australia, can come with a hefty tax-bill if your UK Inheritance Tax position is not considered when setting them up.
In addition, although Australia has no Inheritance Tax, non-Australian assets or non-Australian beneficiaries can result in immediate Capital Gains Tax liabilities on death.
Your Fairway team can guide you through the interaction of Australian Capital Gains Tax on death and UK Inheritance Tax to ensure your beneficiaries inherit with the minimum tax cost.
