Inheritance Tax Planning
UK Inheritance Tax
This tax is very simple. If at the date of death you are:
A UK Domicile and Your Worldwide assets are worth more than £325,000, tax will be due on anything over that @ 40%
For Married Couples
New Legislation in the UK has effectively doubled the nil rate band for married couples on the second death, however you should still seek advice on how this would apply to you.
Domicile
Do not confuse this with residency - just because you do not live in the UK does not mean you are not UK Domicile.
The majority of retired UK ex-pats living overseas will have UK domicile.
A Few Misconceptions
1. It doesn't apply to me as I don't live in the UK - WRONG.
2. The UK Inland Revenue won't find out how much I have left behind - WRONG.
3. I've left everything to my wife/husband so no tax is due - WRONG.
What can we do for you?
If you think you may have an IHT liability or would like clarification on what can be a confusing issue, please do not hesitate to contact us - we will assess your liability and advise you on the correct course of action at no cost.
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