He is about to make a will and would like his estate which is all held in the IOM to be left to his son who is an IOM resident and his daughter who resides in the UK in equal share. This can cause difficulties for those administering the estate of the deceased for a number of reasons. If an individual spends 91 days on average in the Isle of Man over a four-year period, they will be taxable as a resident of the Isle of Man from the start of the fifth year, unless the original intention is that visits will be less than 90 … • Trust law in the Isle of Man is common-law based, with an overlay of statute, and closely follows English law. Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Decisions of English courts are not binding on Manx courts, but are highly persuasive. All information contained in this publication is summarized by KPMG LLC, the Isle of Man member firm affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity, based on Isle of Man tax legislation, guidance published by the Isle of Man Income Tax Division and applicable case law as at the date of publication hereof. The difference in tax treatment of transfers between domiciled and non-domiciled spouses was considered of a discriminatory nature and contrary to EU rules (Article 18 TFEU). We would like to ensure that you are still receiving content that you find useful – please confirm that you would like to continue to receive ILO newsletters. Sometimes known as death duties. She assists employers with all aspects of the employment relationship, from reviewing contracts of employment and handbooks to advising on the employment aspects of acquisitions and reorganisations in the Isle of Man. Provided that he or she can show an Isle of Man domicile, there should be no inheritance tax to pay and a far smaller court fee if assets are spread across two jurisdictions. Family and Matrimonial. phone available. Providing you are IoM domiciled your estate whatever its worth will not be subject to inheritance tax (as IoM does not have it) and from there your executor (s) are free to pay out to those individuals named in your will. Archives. Favourable Tax Rates . ILO is a premium online legal update service for major companies and law firms worldwide. Email: email@example.com The purport of the argument was Belgian residents may be discouraged from investing in foreign shares, for fear of heavier taxation. The Isle of Man Court does not have a resealing process for foreign grants and therefore every application is determined on its merits. If the testator has assets in Jersey, Guernsey or the Isle of Man, this could produce the undesirable result of there being an intestacy, as the two Wills do not cover these islands. UK domiciled spouses can transfer any amount inter se without triggering inheritance tax therefore the UK legislation has taken account of the possibility this may be discriminatory by allowing the non-domiciled spouse to benefit from an unlimited transfer amount if they elect to be considered as UK domiciled. When applying for a grant in the Isle of Man for a non-domiciled person, a court-sealed or certified grant from the country of domicile, together with a court-sealed or certified copy of the will, where applicable, will be required in support of the Manx application. Website available. 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