UK Law and Practice Contributed by: Roger Gherson, Alfred Gherson, Lisa Uttley and David Tipping, Gherson Solicitors
The UK has also implemented the OECD’s crypto- asset reporting framework (“CARF”). As originally implemented, the UK’s legislation only required reporting crypto asset service providers (“RCASPs”) to collect information on non-resident customers. However, the Finance Act 2026 introduced legislation that extended the scope, requiring RCASPs to collect relevant information on all customers, whether resi - dent or overseas. 2. Succession 2.1 Cultural Considerations in Succession Planning UK succession planning is shaped by testamentary freedom: individuals may leave their wealth to whom - ever they choose, unlike jurisdictions with forced heir - ship. However, the Inheritance (Provision for Family and Dependants) Act 1975 allows spouses, cohabit - ants, children and dependants to claim “reasonable financial provision” from an estate. How much the dependant will receive will obviously depend on prior tax planning using the exemptions discussed above. The traditional route is for parents and grandpar - ents to make suitable bequests to their dependants. Grandparents will often skip a generation of bequests to avoid a double taxation of ongoing IHT. Demographic shifts, including the rise of cohabit - ing couples and blended families, have increased the complexity of succession and driven a growth in inheritance disputes. A family constitution, for example, might set out how family members can request support for education or entrepreneurship, the criteria for entry into the family business and the principles governing philanthropy. These documents are not legally binding in the same way as a trust deed or shareholders’ agreement, but they serve an important cultural function: making explicit the assumptions and expectations that might otherwise remain unspoken and become sources of conflict. Cohabitants have no automatic inheritance rights under intestacy and often lack wills.
A persistent cultural factor is the reluctance of old - er generations to transfer control to younger family members, despite succession being a stated priority. Intergenerational differences in values, with younger beneficiaries often prioritising sustainability, impact investing and philanthropy, can create tension if not managed through structured dialogue. Successful families increasingly adopt formal family governance structures, such as family constitutions and councils and use philanthropy to engage the next generation and articulate shared values. Clear com - munication remains the single most important factor in avoiding succession disputes. Families that discuss wealth, values and expectations openly and involve the next generation in planning from an early stage are far less likely to experience destructive disputes than those in which wealth is a taboo subject or decisions are made unilaterally and One issue that may arise in cross-border succession is double taxation, where both the UK and another country impose an estate or inheritance tax. The UK addresses this problem through a number of double tax treaties and unilateral tax relief. The UK has inheritance tax treaties with 10 countries: • India; • Pakistan; • France; • Italy; • Ireland; • The United States of America; • The Netherlands; • Sweden; • Switzerland; and • South Africa. Each of these treaties operates differently. However, they broadly restrict the right of the UK to tax where the individual is “domiciled” in the other country (as that concept is defined in the domestic law of that country). announced only upon death. 2.2 International Planning
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