Excluded property from 6 April 2017—flowcharts


Published by a ½Û×ÓÊÓƵ Private Client expert
Flowcharts

Excluded property from 6 April 2017—flowcharts


Published by a ½Û×ÓÊÓƵ Private Client expert

Flowcharts
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These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017.

The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT.

Situs of property

The situs of an asset is important for determining the charge to IHT. Under the common law, an asset must be situate in a single legal

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