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 £312,000, tax will be due on anything over that @ 40%

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 expats living overseas will have UK domicile.

So just think if your worldwide assets total £400,000 then there is a tax bill of £50,000.

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.
4. I have to give my money away to save tax - WRONG.

What can we do for you?
1. Complete a full report on your potential liability.
2. Suggest ways of reducing or avoiding the tax.
3. Put you in touch with our local and UK lawyers to complete legal requirements.
4. Continually monitor your IHT position.

The Next Step

Using the example below, list all your assets to determine any liability.

 

	Husband £	Wife    £
UK Property	150,000	150,000
Contents	10,000	10,000
Cyprus Property	100,000	100,000
Building Society	5,000	5,000
Bank Accounts	3,000	1,000
Savings & Investments	25,000	25,000
Endowments	30,000	30,000
Insurance Policies	60,000	00,000
Other (Cars, etc.)	10,000	00,000
Total	393,000	291,000
Combined Total	684,000
Deduct allowance	312,000
Taxable at 40%	372,000
POTENTIAL TAX LIABILITY	148,800

   
   
  Notes:
1.If assets are held in joint names, allocate one half of the total value to each partner.
2.If an asset is held in a single name only, allocate the value to the appropriate partner.

If you have a figure in the Tax due section, then please contact us to see if this can be reduced or eliminated - we do not charge for this service so you have nothing to lose and everything to gain.