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home | Old Articles | Inheritance tax and non residents - . . .

Inheritance tax and non residents - USERNAME: la786


Tax Question:

After reading the most recent book for non residents I have the following question

If a non resident owned UK property in his/her personal name would he be subject to UK IHT ? Would the answer be different he held cash or an insurance policy only?would there be a difference if he held the property through an. Offshore company?

Answer:

Just because an individual was non resident this would not take them outside the scope of UK inheritance tax ('IHT'). It is their domicile position that is of key importance. Therefore if they were non UK resident but UK domiciled they would be subject to UK IHT on their worldwide estate. As such cash, property, insurance, shares in an offshore company etc would all be within their UK estate.

If they were non UK domiciled then only UK assets would be subject to UK IHT. As such any property held via an offshore company would not be subject to UK IHT.

About the Author

Lee Hadnum The Author of this article/answer is our site Editor, Lee Hadnum. Lee is a rarity among tax advisers having both legal and chartered accountant qualifications. After qualifying a prize winner in the Institute of Chartered Accountants exams, he also went on to become a chartered tax adviser (CTA).

He worked in Ernst & Youngs Entrepreneurial Services department for a number of years before setting up his own tax planning practice. He is now a full time tax author.

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i) Please note that the articles/answers contain general guidance only and do not constitute accountancy, tax, investment or other professional advice.

ii) The contents of this article/answer are for information only and are intended to assist readers in identify any tax planning opportunities that may be available to them. The information contained in this answer is not intended to be a substitute for taking proper taxation advice and should not be relied upon in this way. Always consult a qualified accountant or taxation adviser. Your situation will then be looked at individually and specific advice relevant to your circumstances can be given. The Expert does not accept responsibility for any loss arising as a result of reliance on any information contained in this answer.

These Notes (and Disclaimer) do not affect your statutory rights in the United Kingdom.