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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15942
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Is a UK resident who inherits an estate based in Bermuda liable

Resolved Question:

is a UK resident who inherits an estate based in Bermuda liable for UK inheritance tax even though the estate is registered in Bermuda ?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi. The recipient of an inheritance who lives in the UK is not liable to pay Inheritance Tax on it. The executors of a deceased estate which is liable to IHT in the UK pay the IHT and then distribute the balance of the estate to the beneficiaries. If the individual who left you cash or assets was not UK domiciled and had no UK based assets when they died, then their estate can have no liability to Inheritance Tax in the UK. Take a look here for the meaning of domicile. I hope this helps but let me know if you have any further questions.
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