UK residential property - Inheritance Tax

UK residential property - Inheritance Tax

New IHT rules for UK residential property will affect all non doms whether resident in UK or not and apply regardless of ownership structure.

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From 6 April 2017 Inheritance Tax (IHT) will be chargeable on all UK residential property, regardless of ownership structure. These new IHT rules affect all non-UK domiciled individuals (non-doms) whether they are resident in the UK or not. Anyone who currently owns UK residential property through a company incorporated outside the UK or other opaque vehicle will be liable to IHT on the value of such UK property in the same way as UK domiciled individuals. The measure will apply to all UK residential property whether it is occupied or let and of whatever value. In the past, UK property held in a company incorporated outside the UK (possibly held in a non UK resident trust) was not a UK asset for IHT purposes and therefore, for non-doms, not subject to IHT.

For further details view our UK residential property inheritance tax update.

 

For further information please contact :

Mariam Moi

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