inheritance tax in north cyprus

firestarter


Joined: 25/05/2010
Posts: 7

Message Posted:
09/06/2010 16:48

could someone explain the law and situation regarding inheritance tax and what solutions are there to protect your property.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
09/06/2010 19:50

i cant work this out , how do we have 2 firestarters ?

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
09/06/2010 20:23

I think Kulaksiz Construction can help you out.

ismet

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
11/06/2010 09:03

anyone know?

dizzycows


Joined: 12/05/2009
Posts: 2736

Message Posted:
15/06/2010 17:19

Rowlo, there are now TWO firestarters logged in! One is a male living in London, the other in NC a female!!



How is this mods? can any one explain please?....

juliamoons



Joined: 14/05/2009
Posts: 849

Message Posted:
15/06/2010 18:34

One is Fire (space) Starter and the other one is Fire(no space)Starter.

Tootie


Joined: 28/08/2008
Posts: 2037

Message Posted:
15/06/2010 18:38

Not rocket science. Dizzy ask Fire starter on Nigels forum why her ID is always logged in.

dizzycows


Joined: 12/05/2009
Posts: 2736

Message Posted:
15/06/2010 18:50

Well all I know is if you even attempt to have a username similar its regected......

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
15/06/2010 19:30

Julia,

I'm glad that you spotted that - I didn't!

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
15/06/2010 22:26

We are off thread again, I to would like to know the laws on inheritance tax in the TRNC. This was the question.







The butlers wife

BillBarnacle


Joined: 20/04/2009
Posts: 167

Message Posted:
15/06/2010 23:13

I have been informed that inheritance tax is charged on the value of a persons estate above 100,000 at a rate of 1%



The cost of an advocate dealing with probate is quoted as being between 1500 and 2000



Unless you have a will that stipulates otherwise a persons estate is divided amongst their legal heirs which are a spouse followed by children then grandchildren.



I am sure others can provide more detail but these are the basics

hope it helps

billyboy1


Joined: 01/06/2009
Posts: 590

Message Posted:
15/06/2010 23:17

The estate would be divided between spouse and children , grandchildren only come into it if their parent (child of deceased) has also passed over....



Please make a will, will save the people that are left behind alot of hassle

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
16/06/2010 05:12

I believe without a will the children take precedent over the widow in the event of the husband as usual departing first unlike UK rules of intestature

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
16/06/2010 10:53

We have made wills in the TRNC and in the UK, we will still own property in the UK when we retire to the TRNC next year. Will our property in the TRNC be classed as part of our estate by the UK and will our heirs have to pay UK inheritance tax on it?





The butlers wife

dizzycows


Joined: 12/05/2009
Posts: 2736

Message Posted:
16/06/2010 11:29

the butler ans to msg 14 is yes, it will have to go into your estate... We did take legal advise in GB and from our accountant and our family solicitor, both were clear on this. If you dont pass it over before you pop your clogs that is..... If you dont put it in and it comes out in the clearing up of your estate, it can hold up poceedings for the heirs.....

jacko99


Joined: 26/06/2009
Posts: 52

Message Posted:
16/06/2010 11:43

as previous thread says is 20 times minimumn wage is the threshold so was around 257,000 ytl 12 months ago and then 1% tax assuming there is a ,will probate costs would be 1000 to 1500 pounds and there is quite a lot of courts fees and stamps up to 500 pounds but if but do not know if same law applys as in uk that when jointly owned property the rights of surviorship come into place ie just need death certificate to have in sole name but do not know how this is treated here and how it is treated when quite a lot of people have a contract but no kochan but the value of the contract is valued for probate purposes ie as if there is a kochan in other words they regrard the rights in the contract as beneficial owner but not legal owner cos that right is still with landowner a form of trust is created best to just put a house in wifes name when get kochan and only have joint bank accs and as far as having uk assets you have duty to declare to uk revenue but best not to they will never know

jacko99


Joined: 26/06/2009
Posts: 52

Message Posted:
16/06/2010 11:53

i meant trnc assets to declare to revenue and customs and they would be two diferent estates in two difeerent countrys never mention about trnc property or money to uk lawyers or accountants they have no juristriction you can only deal with trnc assets with experts in trnc uk property would be dealt with uk will or intestancy and probated in uk and trnc assets dealt with in trnc probate court one would not hold up never let it

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
16/06/2010 12:02

IHT in the TRNC is relatively low in comparison to the UK (see earlier post). Life assurance can be bought to cover the IHT liability (it will need to be a whole of life policy). It must be put in trust so as not to increase the value of the estate. A TRNC will is essential especially if you have insurance policy in place held in trust. Any IHT planning here in the TRNC must be done in conjunction with where you are deemed domicile and or if you hold qualifying assets (sadly most things) in the UK over the nil rate band (currently £325,000). A lot of folk here are deemed domicile in the UK by the HMRC and are still potentially liable for IHT in the UK. In this situation assets held in the TRNC would also come into UK IHT calculation. I would recommend you seek independent financial advice and or independent legal advice.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
16/06/2010 12:02

The butlers wife your TRNC estate will at least for the first three years of your being out of the UK be liable to UK IHT. I don’t know your full situation so could be different and would recommend you get professional advice. (Alternatively let me know your full situation and I will let you know whats what. james@astuefma.com )