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Where Taxpayers and Advisers Meet

IHT - annual exemption and small gift beneficiary status

skray
Posts:58
Joined:Mon Oct 29, 2012 5:01 pm
IHT - annual exemption and small gift beneficiary status

Postby skray » Sat Jul 28, 2018 11:58 am

Hi,
I am a non-dom but have become deemed domicile as I have completed 15 years this year. (I came to thr UK since feb 2004).
I am single and without any direct descendent. Most of my friends, relatives and other acquaintances live overseas in India and have no relation to the UK.
Hence my nil band will be 325K only and my estate will include worldwide assets.

I am aware that gifts ot transfer between spouses is free from IHT if only spouse is UK domiciled.
I understand £3000 per year to a single person also £250 per person per year to any number of people is exempted from IHT. Does these beneficiaries need to be UK domiciled like spouse?
Thanks

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: IHT - annual exemption and small gift beneficiary status

Postby maths » Mon Jul 30, 2018 12:26 pm

No.


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