UK inheritance tax (IHT) is levied at a flat rate of 40% on all assets above the 'nil rate band', cu...
UK inheritance tax (IHT) is levied at a flat rate of 40% on all assets above the 'nil rate band', currently worth £312,000. If an individual is UK domiciled or deemed domiciled, their worldwide assets are chargeable, regardless of whether the individual lives in the UK or not. If an individual is non-UK domiciled, only UK based assets are subject to IHT. When property passes from one spouse to another, unlimited transfers are exempt from IHT provided that both spouses are non-UK domiciled, or that the receiving spouse is UK domiciled. Prior to 9 October 2007, if all the deceased's estat...
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