Yahoo! Real Estate. What Is Inheritence Tax? If I Dont Reside In The Uk Do I Still Have To Pay This Tax On An Inherited Property?
Yahoo! Real Estate. Inheritence Tax To Persons Living Abroad Are They Payable How To Get Around This Law Used To Be Called Death Duties. The Estate O
Yahoo Real Estate : What Is Inheritence Tax If I Dont Reside In The Uk Do I Still Have To Pay This Tax On An Inherited Property
inheritence tax to persons living abroad are they payable how to get around this law ~~~ ruthibar1 ~~~
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Used to be called death duties. The estate of the deceased pays it if the assets are over £280,000 at 40%. There are absolutely loads of ways around it but most involve interpersonal loans or offshore structures....too deep to go into. xxB
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Answer 1yes
Answer 2Used to be called death duties. The estate of the deceased pays it if the assets are over £280,000 at 40%. There are absolutely loads of ways around it but most involve interpersonal loans or offshore structures....too deep to go into. xxB
Answer 340% Thats what it is mate. Unless you can put the house in a trust you'll be done just the same. Watch yourself with the new laws Labour passed as to vacant properties, if you don't do something with a vacant family property after six months they can come in sieze it an rent it. There robbing us blind this government. Pay for proper advice, its the only way to fight them.
Answer 4If it has roots in the UK then the tax is payable to the UK treasury. It is a tax on dieing and it is the only one that only bothers you while you are around. It means that if your estate is worth a total of £500,000 and you leave it direct to one person, that person will pay 40% tax on the amount over £285000 that is £215,000. 40% of that is £86,000. There are ways of reducing it call trusts but it is a little deep for this forum. What ever you do you cannot reduce it to zero. Best thing is to spend it and not have the worry. Happy Christmas to you wherever you are.
Answer 5Hello, Inheritance Tax is a form of tax paid when a person dies but the rules on who when interitance tax is paid is complex. So its hard to give you an answer to your question without knowing more precise details. Here are some general prinicapls though that apply to inheritance tax. if you are a married man with a wife children upon death your property assests usually (normally) pass to your wife. In this situation no inheritance tax is taken. ie. nothing to pay out. However, upon the death of the wife (leaving say x2 children) its the children here that may have to pay inheritance tax. They only pay inheritance tax if the total value of the remaining assests (car, house, land, jewellary, other valuables,savings, pensions,etc,etc) that's the entire dead persons estate exceeds £320,000K after this inheritance tax is paid at 40%. So for example if the total value of the estate was £500,000K then £320,000K is tax free (no inheritance tax on this), then the reamining £180,000K would incurr inheritance tax at 40% which would mean a tax bill of £72,000K (40% of 180,000K). **Inheritance tax applies to a person's estate only if they lived or where born in the UK. How long you have to live here in the UK before you might be affected by inheritance tax I couldnt tell you but a good accountant could answer that I'm sure. Hope that helps? IR
Answer 6Yes, what counts is the location of the property and not your location.
Answer 7Yes - no way around it although the tax is on the entire estate and is (generally) due before any payments are made.
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