I was wondering what the taxation situation would be in the following scenario:
A is domiciled in the uk but has assets abroad ie. bank account. A transfers overseas bank account money to B in same overseas country. B has no connection to the UK but is related to A ie brother. B then sends money to C who is son of A who resides in UK. Overseas country does not tax this sort of transfer or indeed gift to overseas relatives or other people.
Would UK hmrc track this transaction down to A and slam IHT should A die before seven years since the gift to B was made in overseas country?
Many thanks
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