Z Cherry Blog

Non-Residents And Inheritance Tax Threshold

September 20th, 2008

If you are a buy to let landlord who is a non-resident of the United Kingdom (duration of visits to the UK not exceeding 183 days in any given tax year), and you live overseas, you probably have no tax liability for property sales.

Difficulties with taxes may occur as it relates to the inheritance tax or IHT. It is best to be prepared by learning about such topics as the inheritance tax threshold. At the time of your death, an inheritance tax will be assessed at a rate of 40% of all personal assets. This 40% inheritance tax does not apply to the nil rate band of 312,000 pounds for the 2008 year. Any property owned and located in the United Kingdom is subject to the IHT regardless of whether you live in or outside of the country.

The inheritance tax is in a constant state of flux. It would be wise to seek professional tax representation in order to avoid problems with the Internal Revenue.

Entry Filed under: Business