TV personality Anne Robinson recently made headlines for legally avoiding Inheritance Tax (IHT) by gifting her £50 million estate to her family. But how did she do it? This article explores the UK’s inheritance tax rules, the seven-year gifting rule, and the potential risks of estate planning strategies.
Inheritance tax (IHT) is a contentious subject for many, especially as it revolves around the sensitive topic of what happens to one’s assets after death. For those affected, understanding the basic IHT rules is crucial. However, the waters become muddier when considering situations involving a non-domiciled spouse.
For British expats moving or living abroad, there are many traps and pitfalls in the UK’s complex tax regime to be aware of. Based on my experience, these are the top five tax mistakes, assumptions and statements that are made, and how to avoid making them.
When it comes to inheritance tax, the situation can be more complex for a non-domiciled spouse. The rules around transferring assets between a UK domiciled spouse and a non-domiciled spouse vary, with specific exemptions and elections available. Understanding these nuances is crucial to effectively manage potential tax liabilities. This article explores the key aspects of inheritance tax for non-domiciled spouses, including the implications of UK domicile status.