Dr. Alan Wilson, PhD of Tax Associates International Pte Ltd delivered a detailed breakfast talk to the members of the British Chamber of Commerce Philippines last June 26 at the British Business Centre in Taguig. He discussed various concepts which are helpful in understanding the relationship between Philippine and British Inheritance Tax laws and how these can be applied.
Based in Singapore, Dr. Wilson is the Chief Executive Officer and the Director of Tax Associates International Pte Ltd. He is practicing a career in law for about 30 years and has experience in handling cases on international taxation and also serves as an independent financial advisor. He obtained a Doctorate in Philosophy at the University of Warwick in 2008.
Wilson began his talk about what the Domicile rule is and how it works. He then explained how people who acquired United Kingdom Domicile could terminate through exercising the Domicile of Choice, in which the person will not be bound by the UK Inheritance Tax Act of 1984 after formally severing any form of links with the UK. Afterwards, exceptions were enumerated to enlighten the audience about the possible cases when an exception is admissible.
He then shifted the topic toward the Philippine rules on Inheritance Tax. Wilson emphasized that there is no existing agreement between the UK and the Philippines about inheritance tax. This may prompt paying taxes on both sides because both countries designate their resident assets worldwide to be covered by their home country’s inheritance tax regulations. If the assets are not covered by any of the exemptions in both frontiers, the Philippine tax will initially apply in reducing the gross value before the UK tax will be applied to the remaining balance, according to Wilson.
Wilson then expounded on the matter by discussing probates and implications of certain cases he presented. In addition, a lengthy discourse between him and the audience ensued in the question and answer portion of the talk, enabling Wilson to help the persons in attendance solve problems or issues involving them.
Dr. Wilson’s presentation is found on the Resources section of the BCCP website.
