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 […]
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 […]
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”. […]
Opportunities for Non-UK domiciled Individuals See our general guide on the cross border aspects of UK Inheritance Tax and how it interacts with Irish inheritance tax. An individual who is domiciled (long term home) in Ireland is only subject to UL inheritance tax on assets situated in the UK. This give the opportunity for non- […]
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 […]