KUWAIT: In line with its commitment to provide excellent private banking services, Ahli United Bank (AUB) has recently held a seminar joining the Bank’s Private Banking customers with London’s topnotch property and legal consultants to discuss the latest updates that could affect customers’ current and future property investments in the United Kingdom. During the seminar, experienced consultants came especially for the event – Piers Master, partner at London’s prestigious Charles Russell Speechless law firm, and Kyra Motley from Taylor Wessing law firm, both provided insightful information about the new UK Inheritance Tax Law that will come into effect as of April 2017. In the details, the UK is imposing a 40 percent tax on offshore companies owned by members of the same family upon the death of any of the shareholders, excluding companies with unrelated owners.
Medhat Tawfik, AUB’s Private Banking & Wealth Management General Manager said: “We’re fully committed to consolidating and growing our Private Banking & Wealth Management portfolio by organizing high-profile events that provide customers with valuable insights to optimize their investments. During this seminar for example, we’re shedding light on a new inheritance tax law that could directly affect offshore Kuwaiti family businesses which own properties in the UK.”
According to Tawfik, the UK maintains its competitive edge in terms of taxation policies, despite several challenging laws adopted in the past few years, as customers can manage to limit the effects of such regulations by seeking the right legal counsel from AUB’s experts.
In this line, Tawfik added: “Customers are highly recommended to follow the legal advice provided to them during the seminar. They should start with having a closer look at their offshore ownership structure to have a better understanding of how the new law will affect their ownership of properties in the UK. This will allow them to be prepared and plan ahead, even before the law is passed, by seeking knowledgeable tax consultancy and providing alternative solutions that could reduce the tax amount. AUB will continue to support its customers in this direction, while providing them with valuable data and updates on how to securely acquire real estate in the United Kingdom.” It is noteworthy that AUB is planning a further private seminar for their Private Banking customers, whereby the legal team will be returning to Kuwait during the second week of January 2017 to advise on the best action to take before the Inheritance Tax Law comes into effect.
For more information on AUB’s wide range of products and services, customers can visit any of the Bank’s branches, or call its Hayakum telebanking service on 1812000. Customers can also log on to the Bank’s website www.ahliunited.com.kw to find out more about its latest activities