Commentary

I9.323 Foreign currency bank accounts

IHT, trusts and estates

I9.323 Foreign currency bank accounts

I9.323 Foreign currency bank accounts

There is a statutory exemption from IHT in relation to qualifying foreign currency bank accounts held by non-residents that is only available on death1.

A 'foreign currency account' is any account other than one denominated in sterling2. A 'qualifying' foreign currency account is a foreign currency account with a bank. A bank is in turn defined as3:

  1.  

    (a)     the Bank of England

  2.  

    (b)     a person who has permission under the Financial Services and Markets Act 2000 Pt 4A to accept deposits, other than:

    1.  

      (1)     a building society

    2.  

      (2)     a society registered within the meaning of the Friendly Societies Act 1974 or

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