UK Inheritance Tax

Scope UK Inheritance Tax applies to the worldwide assets of individuals who are domiciled or are deemed to be domiciled in the UK. In the case of non-UK domiciled individuals, such as Republic of Ireland residents, UK inheritance tax will only apply to assets situated in the UK. UK  Inheritance tax will generally only apply […]

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Tax issues with Trusts

Passing Assets to and from a Trust The rules on the taxation of trusts changed significantly on 22nd March 2006. Prior to that date, it was possible to create certain types of trusts which carried considerable tax advantages. Trusts not qualifying for this special treatment were taxed in a much less favourable way. Most new […]

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Inheritance Tax Reliefs

Agricultural property relief “Agricultural property relief” is given on gifts or inheritances of agricultural property. This includes agricultural land, pasture, cottages, farm buildings, and farmhouses which are appropriate to the holding.  Revenue have taken a strict approach as to what is “appropriate” and frequently attempt to deny relief. Relief is given against the “agricultural value”.   […]

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International Aspects of Inheritance Tax

Limits of Inheritance Tax Charge Inheritance tax has a different basis to other  taxes.   A UK “domiciled” individual is liable to inheritance tax on all his worldwide assets. Individuals who are not domiciled in the UK are liable to inheritance tax on assets situated in the UK. Domicile is a legal concept that refers to […]

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