Commentary

I4.148 Debit balances on death

IHT, trusts and estates

I4.148 Debit balances on death

I4.148 Debit balances on death

HMRC indicates that it would seek to disallow a deduction for a debit balance of a 'qualifying foreign currency account' of a depositor who was not domiciled, resident or ordinarily resident (before 6 April 2013) in the UK1. The grounds for the disallowance are that credit balances of such accounts do not form part of the death estate — see I4.124.

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