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ESCAPE from IHT... (a MAJOR change!)
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Neminem Laedit
Posted: 23 November 2024 16:09:51(UTC)
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Joined: 17/09/2018(UTC)
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https://www.ft.com/conte...-448c-95bb-8525ccb1016e
https://www.archivebutto...-448c-95bb-8525ccb1016e

Previously, it was very, very difficult to escape IHT if you moved abroad.

Many rich people tried, only to have the Taxman successfully argue that their estates remained liable to IHT, e.g. Richard Burton and Sir Charles Clore...
https://library.croneri.co.uk/cch_uk/gcabe/2-1
https://www.uniset.ca/other/cs5/1984STC609.html

The common law rule of domicile was the determinant of liability to IHT.
In addition, the deemed domicile legislation added further hurdles.
HMRC would never give you clearance in your lifetime, and would only rule on your death.

The change in the rules is profound, and very beneficial for those thinking of retiring abroad.

https://en.m.wikipedia.o...y_inheritance_tax_rates
https://www.euronews.com...rates-and-revenues-vary

DYOR
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4 users thanked Neminem Laedit for this post.
Guest on 23/11/2024(UTC), Jay P on 23/11/2024(UTC), Newbie on 23/11/2024(UTC), Alex Peard on 23/11/2024(UTC)
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