Goodbye to dad?

[Luc]

An unduly optimistc question perhaps. Our father Age 82, plays the lottery each week. He tells us that if he wins big money he will take himself and the winnings on the next plane to Italy (where he understands IHT has been abolished) and settle there until the Grim Reaper arrives.

How long would he need to be absent from the UK, and how much longer would he need to live to avoid the clutches of the other grim and greedy reaper (HMRC). We would be sorry to see the departure of our dad, but we have to thank the nice millionaire Mr Clegg and his wooly hat supporters for that.

[Peter D]

Italy has 4, 6 or 8% IHT depending on the relationship between the deceased and the beneficiary. I suggest you research the countries and look into residence and wills as the will will have to be legal in the country of residence. Regards Peter

[Luc]

Interesting advice from Peter, but it does not address the question, which was:

How long would dad have to live in Italy (or wherever) before he was out of the reach of HMRC for payment of UK IHT on his winnings?

[Peter D]

It is not clear cut read, http://www.taxationweb.co.uk/forum/iht-and-domicile-t37187.html
Domicle is important. Regards Peter

[King_Maker]

It depends on his Domicile.

If UK domiciled at the date of departure, it will be a minimum of 3 years - unless the relevant Double Tax Agreement states otherwise.