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Where Taxpayers and Advisers Meet
UK IHT on UK shares
I have always lived in Australia and have a large portfolio of shares with a Australian broker. A number of those are UK listed shares - HSBC, RTZ and Shell for example. As I am getting older I am reviewing my will etc, and was surprised when my cousin (ex accountant) suggested I get advice, as he thought my estate might have to pay UK Inheritance Tax on those UK shares when I die. Is that correct? Any pointers gratefully received.
Re: UK IHT on UK shares
Potentially yes. All UK assets fall within charge to UK inheritance tax regardless of your domicile.
However, in the UK there is a nil rate band (NRB) of £325,000 meaning you will only pay inheritance tax if the value of your UK assets exceed the £325,000 nil rate band.
However, in the UK there is a nil rate band (NRB) of £325,000 meaning you will only pay inheritance tax if the value of your UK assets exceed the £325,000 nil rate band.
Re: UK IHT on UK shares
Dear AdamS93,
Thank you for your reply which confirmed what I had feared. Yes, my UK share investments are above £325,000, so I may need to sell these down. Would the UK tax authorities ever find out if I had UK shares when I died though? I have lived in Australia for much of my life, and have no ties to the UK.
Thank you for your reply which confirmed what I had feared. Yes, my UK share investments are above £325,000, so I may need to sell these down. Would the UK tax authorities ever find out if I had UK shares when I died though? I have lived in Australia for much of my life, and have no ties to the UK.
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