Hereditary legal issues in general and taxation of inheritance in particular always remain an actual problem because one way or another, sooner or later, it affects everyone. The catch is that it raises many questions: the process of obtaining, the timing of registration, etc. Nevertheless, today we’d like to talk about the financial aspect of this uneasy process. Let’s consider whether you should pay something to get what you deserve officially and why it’s essential to contact a professional inheritance tax lawyer near you.
What to Pay Tax for
Taking the death of a close person may be pretty hard. Still, if such a situation happened, inheritance tax solicitors can help you get an opportunity to increase your monetary assets significantly. Almost every valuable possession is subject to income tax:
- Real estate – apartments, houses, etc.;
- Movable property – cars, antiques, jewellery, etc.;
- Commercial property – securities, intellectual or corporate rights and others;
- Insurance payments;
- Monetary amounts – in banks or cash, mortgage certificates and more.
It’s an approximate list, and if you have some questions, our inheritance tax lawyer can always give a piece of advice.
Inheritance Taxation Rates in Dubai
The amount of tax depends on the value of the inherited possessions and degree of relationship between the heir and the testator. Lawyers usually define three types of income levy rates:
- 0% – when you spend no cent(relatives of the first stage (husband, wife, children and parents), as well as some categories of citizens (disabled people of group I, orphans, children deprived of parental care, disabled children).
- 5% – if you’re not a close relative.
- 15-20% – is provided for non-residents. It doesn’t take into account the degree of kinship, so a daughter living in another country should spend money to inherit an apartment from her mother. It is important not to confuse the concepts of “resident” and “citizen”.
Is It Possible Not to Pay Money?
All heirs should remember that late and incorrect payment may cause problems with the law in the form of fines or even seizure of property. Thus, it’s better to appeal to experienced solicitors and avoid legal consequences.
Inheritance Tax Solicitors Consultation in UAE
People are unlikely to achieve what they deserve quickly. Firstly, the evaluation of inherited ownership is not an easy procedure and tends to become more complicated every year so that there are plenty of problems even without taxes. Secondly, a state fee is charged for obtaining a certificate of the right to inheritance, so it’s still not possible to receive it completely free of charge. Nevertheless, a reliable inheritance tax lawyer nearby can help you cope with all the difficulties.
Why Are Our Lawyers The Best?
They will help you get fast and professional legal assistance in Dubai and receive an inheritance with minimal monetary losses! Our solicitors will analyze your situation, consider the features we discussed today, and advise on how to optimize taxation.
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Meet our experienced lawyers
Aws. M. Younis
Mr. Aws M. Younis is the Managing Director / Senior Legal Consultant, and has had a dynamic and successful career which was built on high motivation and dedication. Adv. Aws Younis is active in Dubai since 2004.
Abdulla Al Suwaidi
Mr. Abdulla Al Suwaidi is the Local Partner / Senior Legal Consultant, and has had a successful career which was built on high motivation and commitment. He specializes in a full range of legal matters in the U.A.E