Are you liable to UK IHT?
Individuals are liable to pay IHT when they consider the UK as their homeland or "domicile". The domicile issue can be very complicated; normally a person acquires their domicile status from their parents at birth.
If any individual remains in the UK for a period of 17 out of 20 years, that person will be "deemed domicile" and face IHT as if the UK had always been their domicile from birth.
If you are uncertain as to whether you are liable to pay UK inheritance tax or require advice, deVere Switzerland may be able to help.
When would I be required to pay IHT?
Those liable to UK IHT have a band in which their estate is not liable for IHT; this band is known as the nil-rate band. When an individual's net estate falls within this band, no IHT is due on that person's estate. The current nil-rate band is £325,000, but when an individual's estate exceeds £325,000, tax is due at 40% on the surplus.
If you require assistance with your calculations or you are unsure if an asset is taxable, give us a call.
Is there anything you can do to limit or plan for IHT?
Below are a few things for you to consider to help maximise what you pass on to your loved ones.
There are other significant ways in which we can help you to plan for IHT which utilise UK legislation, in fact, depending on your circumstances, we may be able to reduce or completely eliminate it.
Effective planning will take account of a broad range of factors which include:
To find out more about inheritance tax planning, contact deVere Switzerland’s experts today.
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