Are you aware that, even as a non-UK resident, you are still potentially liable for Inheritance Tax in the event of your death?

Inheritance Tax is based on your domicile status and not your residency status so if you have not taken explicit steps to change your domicile, you will still be liable.

Are you also aware that HMRC will demand 40% of the value of your estate over £325,000 before they will allow your legacy to be transferred to your chosen beneficiaries?

Even if you pass away abroad, the local government will advise the British authorities of the death and it will therefore still fall under the UK IHT system. 

More and more UK domicile individuals find themselves liable for IHT as property prices grow and their overall net worth breaches the limits which have remained flat since 2009 whilst UK property prices have risen over 40% in the same period.

“In this world nothing can be said to be certain, except death and taxes. Benjamin Franklin

Next steps?

Inheritance Tax is avoidable with careful tax planning by a qualified expert. At Credence, we have Chartered Financial Planning Managers who will be happy to discuss this with you and make some personal recommendations to fit your individual circumstances.

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