Expats confused over inheritance tax rules
Britons who are planning to move to France and Spain are becoming increasingly confused with various taxation laws, according to experts.
Financial adviser the Way Group stated that the number of enquiries it has received from prospective expatriates has gone up significantly in the last year, reports the Guardian.
Many were said to be particularly concerned with issues such as inheritance tax (IHT) and how it is calculated in a foreign country.
Paul Wilcox, chairman of the Way Group, commented: "Financial advisers are increasingly being asked to restructure clients' affairs ahead of emigration to the sun."
He added that many Britons seem to be unaware that in France, children have more rights in the inheritance tax process than the spouse of the deceased person.
Furthermore, he said unmarried couples who live in the country can also expect a hefty charge if they do not set up an IHT mitigation plan before moving.
Meanwhile, the Telegraph is encouraging retirees to make sure they are familiar with the tax implications of living abroad, especially with regards to pensions.
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