An interesting story that the main press seems to have overlooked, where the budget changed the rules for people living overseas.
Currently the rules are based on your ‘domicile’ which is hard to change, even if you have been living outside the UK for a number of years.
But it appears that the budget has changed that to a straight ‘residence’ test which is quite easy to achieve, and now simply living outside the UK for 10 years will exclude someone’s estate from UK inheritance tax when they die.
dekor86 on
Personally, I’m happy with this if it means the person also can’t claim pension here.
WeRegretToInform on
Okay, so if someone is living overseas for the last 10 years of their lives, they don’t pay IHT.
However, the final 10 years of their lives is also when people have the highest healthcare costs. If they’re resident overseas, they’re covering that without the NHS.
long-the-short on
Jeremy’s new Netflix series: Clarkson abroad
Join us as we set sail from British shores to follow Clarkson and his accountant over 4 seasons of 10 episodes as they are settled in Catalonia.
Jezza ditches the cars and cattle for the Catalonian Costa brava.
Ep 1 : Clarkson’s Catalonian Catastrophe
Ep 2 : Jeremy’s ginormous gaffe
Ep 3 : yohoho and a bottle of fun
Ep 4 : JC – JFC
Ep 5 : I’m not a Catalonian GET ME OUT OF HERE!!!
Ep 6 : all aboard bored abroad
Ep 7 : cat alone are ya?
Ep 8 : the bungle bus – surprise visit from May & hammond
4 Comments
An interesting story that the main press seems to have overlooked, where the budget changed the rules for people living overseas.
Currently the rules are based on your ‘domicile’ which is hard to change, even if you have been living outside the UK for a number of years.
But it appears that the budget has changed that to a straight ‘residence’ test which is quite easy to achieve, and now simply living outside the UK for 10 years will exclude someone’s estate from UK inheritance tax when they die.
Personally, I’m happy with this if it means the person also can’t claim pension here.
Okay, so if someone is living overseas for the last 10 years of their lives, they don’t pay IHT.
However, the final 10 years of their lives is also when people have the highest healthcare costs. If they’re resident overseas, they’re covering that without the NHS.
Jeremy’s new Netflix series: Clarkson abroad
Join us as we set sail from British shores to follow Clarkson and his accountant over 4 seasons of 10 episodes as they are settled in Catalonia.
Jezza ditches the cars and cattle for the Catalonian Costa brava.
Ep 1 : Clarkson’s Catalonian Catastrophe
Ep 2 : Jeremy’s ginormous gaffe
Ep 3 : yohoho and a bottle of fun
Ep 4 : JC – JFC
Ep 5 : I’m not a Catalonian GET ME OUT OF HERE!!!
Ep 6 : all aboard bored abroad
Ep 7 : cat alone are ya?
Ep 8 : the bungle bus – surprise visit from May & hammond
Ep 9 : revolting revolution revelation
Ep 10 : return of the tax man