Non-UK Domiciled – UK Assets (Inheritance Tax)


Non-UK Domiciled – UK Assets

Non-UK domiciled individuals are liable to INHERITANCE TAX on transfers of UK assets ONLY.

This leads to the question of what is deemed to be a UK asset for INHERITANCE TAX purposes. The location of the asset is the basis for determining if an asset is a UK asset.

CATEGORY OF ASSETLOCATION OF ASSET
LAND & BUILDINGSPHYSICAL LOCATION
REGISTERED SHARES & SECURITIESPLACE OF REGISTRATION
CHATTELSLOCATION AT TIME OF TRANSFER
DEBTS DUE TO INDIVIDUALDEBTOR’S RESIDENCE AT TIME OF TRANSFER
BANK ACCOUNTSPLACE OF BRANCH THAT HOLDS THE BANK ACCOUNT
LIFE ASSURANCE POLICIESWHERE PROCEEDS ARE PAID
BUSINESSWHERE BUSINESS IS CONDUCTED