UK Inheritance Tax for Domicile & Non Domicile Expats
Watch the webinar
ProACT Sam highlights how anyone with UK assets has a potential UK inheritance tax liability.
Domicile and non-domicle. Resident or non resident expats.
UK inheritance tax is payable on worldwide assets by UK domiciled individuals, even if they are living and working abroad as expats with tax residence of another country.
While overseas locations like Cyprus offer expats 0% capital gains tax on overseas gains on business, property and investments, UK expats living and working abroad in Cyprus could still be remaining UK domiciled and will still have a 40% liability on death to UK inheritance tax on worldwide assets including overseas property business and investments.
Even if you dispose of UK business or property you will still not avoid the 40% IHT liability.
If you sell UK business, crypto, shares or in the UK you will potentially pay capital gains tax of 10 or 20%.
If you sell UK residential property investments your capital gains tax liability is higher at 18 or 28%.
Even after disposal, you still own the wealth as cash money and the 40% inheritance tax liability remains.
Selling fixed assets in the UK to cash still leaves a potential maximum 68% tax on capital wealth in the form of gains and inheritance taxes.
Planning ahead the solution to saving inheritance tax is to make lifetime gifts to family or charity or to accept that 40% if your estate on death go to the Taxman.
Book a free review
ProACT offer a free review all new enquiries from expats living and working abroad or relocating overseas.
Retained Clients Service
Retained clients get a more in depth Q&A in the private expat community on Facebook after the public live stream.