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TAXguide 08/19: Inheritance tax on overseas property representing UK residential property

Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. In TAXguide 08/19 ICAEW, STEP, the CIOT and the Law Society have published questions and draft suggested answers together with comments from HMRC, to highlight and consider areas of uncertainty in the statutory provisions covering the extension of inheritance tax (IHT) to overseas property representing UK residential property interests (Sch A1).

TAXguide 08/19

This guidance can be downloaded in full.

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Overview

This guide is one of four outlining questions and draft suggested answers prepared by committee members of ICAEW, STEP CIOT and LSEW to highlight and consider areas of uncertainty in the statutory provisions introduced by Finance Act (No 2) Act 2017 with effect from 6 April 2017.

They cover:

  • Cleansing of mixed funds - TAXguide 02/19.
  • Rebasing and the changes to the CGT foreign capital losses election - TAXguide 06/18.
  • Trust protections and other trust issues - TAXGuide 07/18.
  • The extension of IHT to overseas property representing UK property interests – this TAXguide.
  • The suggested answers in this updated TAXguide include comments from HMRC.