Finnish child & UK will

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ratfink
Posts: 3
Joined: Fri Aug 29, 2014 4:28 pm

Finnish child & UK will

Post by ratfink » Tue Aug 10, 2021 9:05 pm

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

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Upphew
Posts: 10748
Joined: Tue Apr 08, 2008 10:55 pm
Location: Lappeenranta

Re: Finnish child & UK will

Post by Upphew » Wed Aug 11, 2021 9:04 am

ratfink wrote:
Tue Aug 10, 2021 9:05 pm
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?
Child has most likely a bank account, if not their guardian will have one or one can be opened.
https://www.vero.fi/en/individuals/prop ... n-country/
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Visa is for visiting, Residence Permit for residing.

FinlandGirl
Posts: 1329
Joined: Sat Nov 09, 2019 10:43 am

Re: Finnish child & UK will

Post by FinlandGirl » Wed Aug 11, 2021 9:15 am

ratfink wrote:
Tue Aug 10, 2021 9:05 pm
If a UK will leaves a small sum of money (<£10k) to a Finnish child, what issues emerge?
...
Also - if inheritance tax is paid in the UK, would there be a tax issue in Finland?
Vero wrote: If your own portion of the inheritance is less than €20,000, you do not have to pay tax.

betelgeuse
Posts: 4353
Joined: Thu Aug 29, 2013 1:24 am

Re: Finnish child & UK will

Post by betelgeuse » Wed Aug 11, 2021 12:37 pm

Upphew wrote:
Wed Aug 11, 2021 9:04 am
ratfink wrote:
Tue Aug 10, 2021 9:05 pm
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?
Child has most likely a bank account, if not their guardian will have one or one can be opened.
https://www.vero.fi/en/individuals/prop ... n-country/
The money should not be put to a bank account owned by the guardian.

”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


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