Hi,
My parents and I were all born in Hong Kong (pre handover), and through one of my parent's services to the crown as a civil servant, our entire family has UK Citizenship.
Despite having citizenship in the UK, my parents only ever travel to the UK intermittently on holiday (usually as part of a Euro trip), no more than 1 month at any given year.
Since I was born I have spent 5 years in total studying in the UK (3 years undergrad, 3 years in Hong Kong working in between, 2 years postgrad). I am now in my first year working in London and will be paying UK taxes.
As we were discussing inheritance and wills, the topic of UK IHT came up. Three questions here:
1. Given the circumstances, am I correct in saying that my parents are non domiciled, therefore any non-UK assets (their cash, shares and property in Hong Kong) passing to me won't be subject to IHT?
2. The position is the same as above if they were to gift me the non-uk assets intervivos right?
3. Would I have to pay any sort of income or capital gains tax to HMRC for receiving their non-UK assets from either of the above two scenarios, passing through a will or intervivos gift?
Any input would be much appreciated,
Thanks.
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