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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am a UK domicile but a Swiss tax resident. If I make a gift

Customer Question

I am a UK domicile but a Swiss tax resident.
If I make a gift from my Swiss resources while I am a Swiss tax resident to a UK resident, should I die within seven years will it be subject to the seven year rule on monetary gifts?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Hi.

If you are UK domiciled, when you die your worldwide estate will be subject to IHT in the UK subject to the nil-rate band and other reliefs around business assets etc. So, even if you make a gift from a non-UK source, it will be a potentially exempt transfer and the seven year clock will start ticking, so to speak. Should you die within seven years of making the gift, it will be included in your estate but may be subject to taper relief which you can read about here.

Only if you are non-UK domiciled would a gift from a non-UK source be outside the scope of UK IHT.

I hope this helps but let me know if you have any further questions.

Expert:  TonyTax replied 3 years ago.
I have to go out for a while but will be back later today to answer any follow up questions you may have.
TonyTax and other Tax Specialists are ready to help you
Expert:  TonyTax replied 3 years ago.
Hi again.
It's been a few days since I answered your question. Is there anything you need further clarification on?
Customer: replied 3 years ago.
No more questions thank you.
I was looking for an email and did not realise that the answer would come via the website.
Expert:  TonyTax replied 3 years ago.
Thanks for accepting my answer.

My understanding is that when I post an answer or an info request, the customer is sent an email telling them that their question has been posted to. That's how it works from my side so that I know when a customer has responded to my post.

You don't need to respond to this message. I had to respond to yours because if I didn't I would be unable to answer other questions.