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IHT change of domicile

IHT change of domicile

It is possible in certain circumstances for an individual to have two domiciles although this is unusual. There is a concept in the UK of deemed domicile, whereby any person who

Who pays Inheritance Tax?

Who pays Inheritance Tax?

Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT

Inheritance Tax Business Relief

Inheritance Tax Business Relief

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who has died. One of these reliefs is known as Business Relief and is

IHT – settled and excluded property

IHT – settled and excluded property

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets such as land, money and shares which form part of the trust. The person who

The 7-year rule

The 7-year rule

Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or

IHT immediately chargeable transfers

IHT immediately chargeable transfers

There are special rules concerning the liability to IHT on a transfer made during a person’s lifetime. Most gifts made during this period are not subject to tax at the time of the