In today’s video, we’ll address a common question: “Will I have to pay inheritance tax if I live abroad?”
A few key points from this video are:
- Inheritance tax obligations depend on domicile status.
- UK domiciled individuals pay inheritance tax on worldwide assets upon death, regardless of residence.
- Tax residency aligns with income tax and capital gains tax, while domicile dictates inheritance tax.
- Severing UK domicile is complex; HMRC confirms status posthumously.
- UK-held assets are subject to UK inheritance tax regardless of domicile.
- Expert advice is crucial for navigating inheritance tax complexities.
Bluebond Tax Planning offers a personalised guidance for effective inheritance tax planning.
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