Avery Associates

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Properties in London in Offshore Tax Haven Inheritance Tax Issue

February 6, 2012 By Avery Associates

Avery Associates, specialists in all matters concerning valuations for probate bring you the latest IHT news.

The Sunday Times has revealed that a huge number of properties in central London are held in offshore tax havens, which could mean that the owners are not liable to pay inheritance tax.

Over £100 billion is currently held in tax shelters overseas, meaning the government is losing potentially billions in tax revenue, and now the Chancellor is under pressure to sort it out and close the loophole.

In some parts of London, the number of properties held by overseas owners is over one in 20.

The place where the number of properties is highest is Westminster, with 10,233 out of 18,700 held overseas.

In Kensington and Chelsea there are 5,474 held overseas, and there are 1,805 in Camden, with more in other parts of London.

This means that the rich owners might be able to avoid paying inheritance tax, currently charged at 40%.

They may also not have to pay the 5% stamp duty on properties which cost more than £1 million, meaning if a property is held by an offshore owner they might not have to pay any stamp duty at all if they are not resident or domiciled in the UK.

Now experts have said that this is adding up to cost the UK £1.3 billion in inheritance tax and up to £500 million in stamp duty each year.

For professional advice call Jeffrey Avery on 0800 567 7769

Related

Filed Under: FAQS Tagged With: chancellor, inheritance tax, loophole, offshore tax haven

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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What We Do

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Client Reviews

Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
Well done

This truly is a 'one stop shop' for all things relating to Probate valuations and clearance. Jeffrey is a 'facilitator' and full marks to him for finding... Read More

Kevin Anderson
Oct 26, 2021
 by Kevin Anderson on Avery Associates
Fantastic and Reliable

Our aunt was a recluse and hoarder. She died leaving two properties in London that were dilapidated and completely hoarded. Unfortunately, because everything... Read More

It was a pleasure to assist Kevin

T. Hackett
Aug 26, 2021
 by T. Hackett on Avery Associates
1st Class Service

Avery Associates Appraisal I have just moved house after almost 30 years of occupation. My initial choice of movers, Pickfords, decided at the last... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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