A Guide To INHERITANCE TAX - St James's Place

Inheritance Tax what it
means to you
IHT is affecting a rapidly growing number of people, most
of whom would prefer their hard-earned assets to pass to
their families when they die.
Yet a large proportion of their wealth or estate, including
the family home, investments, insurance policies not in
trust or even family heirlooms, might have to be sold in
order to meet the IHT liability on death if proper steps
have not been taken to protect their wealth.
Don’t assume that moving or living abroad will get
you off the hook either. Your overseas assets, such as a
second home, continue to be liable to IHT if you remain
domiciled in the UK. If you move abroad, UK-based
assets are likely to remain taxable and even if you die
several years later, HMRC may still be able to argue that
worldwide assets are assessable for IHT. This is because
it is only your ‘domicile’ that is relevant for UK IHT.
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PARTNERS IN MANAGING YOUR WEALTH