Given the stereotypes people have had with British people and overseas, thought I’d actually ask people and see if it’s as common a possible.
I was once stopped by a police in Spain on an evening stroll on the park, pulled to to a side road (where they seemed to have a full operation going), they asked to see through my bags and that was pretty much it.
I’m a UK citizen who’s living here my whole life. My residence has always been in the Uk.
Around 20 years ago my father started to invest in land in Oman (where he has citizenship). Around 10 years ago I also started to purchase land, however all the assets were under his name due to the ease in the paperwork.
According to his will, if he was to die, I would be the sole recipient and under Omani law my name will go down as his sole heir. The tricky thing is as a son of a Omani national, I would be registered as an Omani citizen in the official paperwork (this is because citizenship is automatic). If I accept this, I have to denounce my British citizenship which ideally I don’t want to.
This means that he’ll have to register the property before the will gets executed to me over here.
Would that mean I would have to pay tax on the transfer of assets or would that be when I sell? And if I was to pay tax when these assets get sold, are there any ways I could help reduce my tax bill? I’m aware I could transfer some allowance to my wife.
I’m currently tutoring my younger brother but I rarely ever use my car so would it be a problem to just leave the L plates on the car if I was to do a quick shop run?