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Where Taxpayers and Advisers Meet
Married Couple, one UK, one Non-Dom buying home
My husband is a UK citizen, I am UK resident but non-domiciled (US). We are about to buy a flat for our primary residence and are unsure whether it is better for him to have sole ownership or to have joint ownership as we are aware there are future negative tax implications due to my domicile situation.
Dear Jamieliz,
You are referring to the fact that anyone leaving assets to a Non_Dom spouse only gets the Nil Band plus 255k + 55K a total of 310 before paying IHT.
You don't say how much the flat is going to cost.
I would normally recommend that it is purchased as Tenants in Common and that wills are drafted carefully to ensure that no more than 310K passes from Husband to you.There are other methods of planning using trusts and possibly some form of life insurance.
Wills need to be drafted carefully and there are other planning measures depending on the size of your joint assets and who owns what?
This might be a good time to carry out an Inheritance Tax planning exercise and draw up appropriate wills.
I will be happy to help as I specialise in advising Non Doms.
Daniel Feingold
Barrister
Strategic Tax Planning
e-mail: sedrate@easynet.co.uk
Tel: 0161 720 7244
You are referring to the fact that anyone leaving assets to a Non_Dom spouse only gets the Nil Band plus 255k + 55K a total of 310 before paying IHT.
You don't say how much the flat is going to cost.
I would normally recommend that it is purchased as Tenants in Common and that wills are drafted carefully to ensure that no more than 310K passes from Husband to you.There are other methods of planning using trusts and possibly some form of life insurance.
Wills need to be drafted carefully and there are other planning measures depending on the size of your joint assets and who owns what?
This might be a good time to carry out an Inheritance Tax planning exercise and draw up appropriate wills.
I will be happy to help as I specialise in advising Non Doms.
Daniel Feingold
Barrister
Strategic Tax Planning
e-mail: sedrate@easynet.co.uk
Tel: 0161 720 7244
Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”