"An individual was born in the UK to UK domicile parents; however 10 years ago expatriated to another country globally where they decided to settle. They are now citizens in the new country and believe they do not have an Inheritance Tax Liability on their estate, over and above the thresholds. Due to the individual having certain ties/connections back in the UK, they have still retained their UK Domicile of Origin status, and therefore Inheritance Tax rules would still apply to their estate."
British Expat Discovers IHT Liability Too Late
By organising and structuring your assets and property, you can reduce the amount of IHT owed upon death.
IHT planning can help protect your assets from creditors and lawsuits.
By planning for the transfer of assets, you can ensure that your loved ones are provided for after your death.
IHT planning can help preserve your wealth for future generations.
• What is Inheritance Tax?
• Who pays Inheritance Tax?
• What is Domicile?
• What is the Inheritance Tax Rate?
• What is the Inheritance Tax Exemptions?
• What is the Nil Rate Band?
• What is the Residency Nil Rate Band?
• How important is a Will?
• At what age should I start planning for Inheritance Tax?
• Do UK expats pay Inheritance Tax?
• Do I have to inform HMRC if I inherit money from abroad in the UK?
• How much is non-resident Inheritance Tax in the UK?
• What can I do to mitigate Inheritance Tax as a UK expat?
• Do non UK domiciled pay Inheritance Tax?
• Can I put my house in a trust to avoid IHT?
• What is the 7 year rule in Inheritance Tax UK?
• Can I put my house in my children's name to avoid IHT?
• How far back can HMRC go for Inheritance Tax?
Understand the basics of IHT
Strategies to Reduce IHT
Find out who is liable
Understand IHT exemptions
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Peter Winder
Group Technical Director