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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

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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?

In which country is the owner domiciled?
Customer: 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

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?

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

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