Inheritance Tax Query
Discussion
Some help please guys with the maze that is UK Inheritance Tax.
Scenario is a married couple with three properties (one in UK, one in South Africa and one in Luxembourg)
The couple are a Uk national and a SA National.
He was born and grew up in SA but never worked there.
She was born and grew up in UK, started working life in UK.
The have two children both UK nationals but with dual status with SA.
They have lived out of the UK within the EEA for 10 years plus.
She is trying to become UK Non-domiciled, I think she has no chance as she has a permanent tie to the UK with the UK house (solely in her name) and still hold UK bank accounts. To my mind this would be enough to be read as an intent to return.
My question relates to Inheritance Tax allowances.
They are a married couple, they have both lived and worked in the UK in the past. If they both die do they have the double allowance or would the revenue accept only her allowance? (Make sense?)
If she dies first would her estate be liable to pay IHT when passed to him? Normally there would not be a problem here and no tax in the case of passing to a spouse but I have a suspicion that this could not be the case here.
Lastly, anyone know anything about South African IHT?
Ta
Scenario is a married couple with three properties (one in UK, one in South Africa and one in Luxembourg)
The couple are a Uk national and a SA National.
He was born and grew up in SA but never worked there.
She was born and grew up in UK, started working life in UK.
The have two children both UK nationals but with dual status with SA.
They have lived out of the UK within the EEA for 10 years plus.
She is trying to become UK Non-domiciled, I think she has no chance as she has a permanent tie to the UK with the UK house (solely in her name) and still hold UK bank accounts. To my mind this would be enough to be read as an intent to return.
My question relates to Inheritance Tax allowances.
They are a married couple, they have both lived and worked in the UK in the past. If they both die do they have the double allowance or would the revenue accept only her allowance? (Make sense?)
If she dies first would her estate be liable to pay IHT when passed to him? Normally there would not be a problem here and no tax in the case of passing to a spouse but I have a suspicion that this could not be the case here.
Lastly, anyone know anything about South African IHT?
Ta
Unfortunately these friend don't have that kind of cash to spend. Hence the question.....
Property rich, cash poor and trying to make sure their kids don't end up in the same position as they did having to sell an inherited house in the UK.
Tried running past various government helplines and they weren't.
Too many horror stories bouncing around as well.
Property rich, cash poor and trying to make sure their kids don't end up in the same position as they did having to sell an inherited house in the UK.
Tried running past various government helplines and they weren't.
Too many horror stories bouncing around as well.
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