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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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would there be any tax to pay on a low value property abroad

Resolved Question:

would there be any tax to pay on a low value property abroad (EU) gifted to children who would be the sole inheritors in the will?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

In which country is the owner domiciled?
Customer: replied 3 years ago.

Uk

Expert:  UKSolicitorJA replied 3 years ago.
Thank you.

There will be UK Inheritance Tax implications if the total value of the settlor's property is more than £325,000, this includes property in the UK and overseas.


See here for inheritance tax planning provisions

https://www.gov.uk/inheritance-tax/inheritance-tax-planning-passing-on-property

E.g. If the person were to gift the property to the children now and the person lived for 7 years or more after the date of the gift, the transfer would be exempt from inheritance tax.

Hope this helps
Customer: replied 3 years ago.

So there would be no CGT or other tax payable if the donor were to live 7+ years after the gifting?

Expert:  UKSolicitorJA replied 3 years ago.
CGT may be payable depending on the donor's circumstances e.g. Subject to any reliefs.

This would arise as of the date of the gift.
See here

http://www.hmrc.gov.uk/cgt/intro/when-to-pay.htm

Hope this helps. Please leave feedback
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