Non Dom purchase of property - USERNAME: alt106 - 22/06/2012
Tax Question:
You have just answered a question from me dated 21.06.12 re purchasing a property in The Philippines in the most effective way to mitigate Uk IHT
You state " Ideally you would structure the purchase through a non UK domicillary such as your wife "
I,m not married what would my next best option be ?
Answer:
The purchase wouldn't necessarily need to be via a spouse. You could gift funds to a non dom partner who could make the purchase. The gift with reservation of benefit rules woudn't usually apply to a cash gift. You would need to survive for 7 years from the date of the gift but after that if the property is held by a non dom there shouldn't be an IHT liability.
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About the Author
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.
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