Inheritance Tax??

Old Sep 16th 2006, 1:42 am
  #16  
JAJ
Retired
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,649
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default Re: Inheritance Tax??

Originally Posted by cypherpunk
Sorry, I was completely wrong about that , JAJ and Tangram are correct, it is the domicile of the person who dies that determines whether the tax is payable.
Look at it this way. If you move to NZ permanently, make an NZ will, become an NZ citizen and have your assets in NZ then by any sensible definition of the term you're not domiciled in the UK any longer.

And even if you are still technically UK domiciled - how on earth are the Inland Revenue even going to know about your estate, leaving aside whether they have any legal standing to interfere in New Zealand probate law?

HOWEVER, if you leave assets behind in the UK, they can be subjected to Inheritance Tax. However, tax should not be the main driver of your decisions.
JAJ is offline  
Old Sep 16th 2006, 7:39 am
  #17  
Galaxy 1: Cadbury's 0
 
uk+kiwi's Avatar
 
Joined: May 2005
Posts: 1,606
uk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond reputeuk+kiwi has a reputation beyond repute
Default Re: Inheritance Tax??

Originally Posted by JAJ
Look at it this way. If you move to NZ permanently, make an NZ will, become an NZ citizen and have your assets in NZ then by any sensible definition of the term you're not domiciled in the UK any longer.

And even if you are still technically UK domiciled - how on earth are the Inland Revenue even going to know about your estate, leaving aside whether they have any legal standing to interfere in New Zealand probate law?

HOWEVER, if you leave assets behind in the UK, they can be subjected to Inheritance Tax. However, tax should not be the main driver of your decisions.
Absolutely correct what you have written. However the questions are being asked regarding UK resident parents passing away and how their estate will be handled if one or more of the beneficiaires (their children) are domiciled/living in NZ. Thus the UK powers that be will surely know about the deceased estate and in light of this and the reciprocal tax agreement, I'm not sure NZ probate law applies. Obviously a different situation could then present itself for deaths of people living/domiciled in NZ, although this isn't what the OP is trying to ascertain.
uk+kiwi is offline  
Old Sep 17th 2006, 10:48 pm
  #18  
Thread Starter
 
Am Loolah's Avatar
 
Joined: Aug 2006
Posts: 7,208
Am Loolah is an unknown quantity at this point
Default Re: Inheritance Tax??

Originally Posted by uk+kiwi
Absolutely correct what you have written. However the questions are being asked regarding UK resident parents passing away and how their estate will be handled if one or more of the beneficiaires (their children) are domiciled/living in NZ. Thus the UK powers that be will surely know about the deceased estate and in light of this and the reciprocal tax agreement, I'm not sure NZ probate law applies. Obviously a different situation could then present itself for deaths of people living/domiciled in NZ, although this isn't what the OP is trying to ascertain.
As the original OP yes, I was trying to ascertain what happens if parents in the UK pass away, but I'm in NZ? Think I have now established that the estate of the deceased parent will be taxed under UK law - including any property they may have purchased in NZ. Unless it is in my name and they live another 7 years after they have done so?

Thank you all for your thoughts.
Am Loolah is offline  
Old Sep 24th 2006, 10:00 pm
  #19  
Thread Starter
 
Am Loolah's Avatar
 
Joined: Aug 2006
Posts: 7,208
Am Loolah is an unknown quantity at this point
Smile Re: Inheritance Tax??

Originally Posted by Am Loolah
As the original OP yes, I was trying to ascertain what happens if parents in the UK pass away, but I'm in NZ? Think I have now established that the estate of the deceased parent will be taxed under UK law - including any property they may have purchased in NZ. Unless it is in my name and they live another 7 years after they have done so?

Thank you all for your thoughts.
Saw a headline in one of the Sunday papers today - if David Cameron was to get into power he'd abolish Inheritance Tax!! Hmmmm?! My liking that?!
Am Loolah is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.