Commentary

I9.311 Definition of excluded and exempt property

IHT, trusts and estates

I9.311 Definition of excluded and exempt property

Division I9.3     Excluded and exempt foreign property

Revised by
MALCOLM GUNN

For updates affecting this Division please see Part I0 Updates

IHT—excluded and exempt foreign property

I9.311 Definition of excluded and exempt property

There are several types of property involving a foreign element which are excluded or specifically exempted as detailed below:

Excluded property

The following property falls within the definition of excluded property:

  1.  

    (a)     property situated outside the UK if the person beneficially entitled to it is an individual who is domiciled outside the UK for IHT purposes (I9.331)1

  2.  

    (b)     a holding in an authorised unit trust or a share in an open-ended investment company (OEIC) if the person beneficially entitled to it is an individual who, for the purposes of IHT, is domiciled outside the UK2

  3.  

    (c)     property comprised in a settlement and situated outside the UK where the settlor was domiciled outside the UK for IHT purposes at the time the settlement was made (I9.332)3

  4.  

    (d)     exempt British government securities, if the beneficial owner is not resident (nor, in certain situations domiciled) in the UK (I9.321A)4

  5.  

    (e)     a holding in an authorised unit trust or a share in an OEIC in a settlement where the settlor was, for the purposes of IHT, domiciled outside the UK at the time the settlement was made5

  6.  

    (f)     exempt government securities that are comprised in a

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