Brussels Iv Agreement

The Brussels IV agreement can make you effective if you have assets outside the UK, especially if they are in almost all European Union (EU) countries. Niall Glynn is a partner at Deloitte Private and advises national private companies, private companies and high net worth individuals on a number of tax issues. He has extensive experience in managing… More than one of the ten episodes opened in the EU is an international element. Ownership of foreign assets is generally synonymous with uncertainty, delays and additional costs in the complex management of a deceased`s estate due to the diversity of national succession rules in each EU country. Attempts have been made to harmonize inheritance tax across the EU and the EU Inheritance Regulation (Regulation 650/2012), known as `Brussels IV`, began on 17 August 2015. The aim of Brussels IV was to alleviate the difficulties resulting from the complexity of the different legislation in different EU countries, often from very different origins, and to create a simplified framework for people with private or financial interests in at least two countries in order to reduce the risk of arguments, stress, professional costs and taxation in the management of international rebates. The nationality law would then automatically apply in Portugal to the succession of Portuguese residents. Now you must specifically specify in your will (or similar legal document) that you wish to apply UK legislation applicable to your estate in the event of death. So if you haven`t updated your will since mid-2015, you should review it urgently to make sure the new rules are taken into account. The tax impact of integrating structures (such as any type of trust or age, including) can be incredibly costly. It is therefore important to ensure that you have advice from all the countries concerned before any will is completed.

However, in your will, you can apply the right of their nationality to the estate and management of their estates.

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