The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Inheritance tax (IHT) does not apply to excluded property. Specifically, this means that:
There are a number of categories of excluded property, the most important of which is property situated outside the UK, owned by a non-UK domiciled individual. An individual’s potential UK inheritance tax liability will therefore depend on:
IHTA 1984, s 6(1)
Property is located in the place determined by the rules of common law. These are known as the lex situs rules. The situs of the most common assets are summarised below:
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