If a UK will leaves a small sum of money (<£10k) to a Finnish child, what issues emerge?
My understanding is that Trusts are not used in Finland, mainly due to the absence of common law. Where, then, is money typically held?
Also - if inheritance tax is paid in the UK, would there be a tax issue in Finland?
Thoughts?
Finnish child & UK will
Re: Finnish child & UK will
Child has most likely a bank account, if not their guardian will have one or one can be opened.ratfink wrote: ↑Tue Aug 10, 2021 9:05 pmIf a UK will leaves a small sum of money (<£10k) to a Finnish child, what issues emerge?
My understanding is that Trusts are not used in Finland, mainly due to the absence of common law. Where, then, is money typically held?
Also - if inheritance tax is paid in the UK, would there be a tax issue in Finland?
Thoughts?
https://www.vero.fi/en/individuals/prop ... n-country/
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Re: Finnish child & UK will
Vero wrote: If your own portion of the inheritance is less than €20,000, you do not have to pay tax.
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Re: Finnish child & UK will
The money should not be put to a bank account owned by the guardian.Upphew wrote: ↑Wed Aug 11, 2021 9:04 amChild has most likely a bank account, if not their guardian will have one or one can be opened.ratfink wrote: ↑Tue Aug 10, 2021 9:05 pmIf a UK will leaves a small sum of money (<£10k) to a Finnish child, what issues emerge?
My understanding is that Trusts are not used in Finland, mainly due to the absence of common law. Where, then, is money typically held?
Also - if inheritance tax is paid in the UK, would there be a tax issue in Finland?
Thoughts?
https://www.vero.fi/en/individuals/prop ... n-country/
”A minor’s funds may not be mixed with the funds of others.”
Initially it would be paid to a bank account. However, for longer term investing the money should be considered.
https://dvv.fi/en/management-of-a-minor-s-property