British Expats - Inheritance Tax

British Expats (https://britishexpats.com/forum/)

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- - Inheritance Tax (https://britishexpats.com/forum/new-zealand-83/inheritance-tax-501510/)

Maryanne_Tga

Dec 24th 2007 4:50 pm

Inheritance Tax

Another thread got me thinking about this.

Isnt it wondeful to live in a country where this doesnt exist. I am sure its not a major factor in why people come to NZ, but it should be!
Being able to give your assets to your children without the govt taking a massive chunk is great, the system in the UK sickens me and we all know would not be introduced now. It only exists as it came in centuries ago and is to much of a cash cow to be removed.

cappuccino

Dec 25th 2007 8:01 am

Re: Inheritance Tax

Do you know if you can leave money/assets to family who are still in the UK without them having to pay inheritence tax or will they be taxed by the country they live in, not the country I die in?

Maryanne_Tga

Dec 25th 2007 9:01 am

Re: Inheritance Tax

Quote:

Do you know if you can leave money/assets to family who are still in the UK without them having to pay inheritence tax or will they be taxed by the country they live in, not the country I die in?

Great question, I am 90% sure of the answer, but think it is dangerous to answer when I am not totally sure. Sorry. Be well worth finding out from a proper tax expert.

Yotty

Dec 25th 2007 1:08 pm

Re: Inheritance Tax

If you need to go into a home the state can sell your house and use it to pay for your care.:eek:

Maryanne_Tga

Dec 25th 2007 3:40 pm

Re: Inheritance Tax

Quote:

If you need to go into a home the state can sell your house and use it to pay for your care.

Yeah, thats a downer. But much rarer than you think. You dont pay much if you get declared in need of private hospital care i.e alzheimers, chromic illness etc. Its a much reduced amount. And if you need a resthome, you might be better with home help anyway. But it can all be avoided with a trust anyway.

And its still better than an inheritance tax.

UK is the undisputed king of stealth taxes.

misterjingo

Dec 25th 2007 10:52 pm

Re: Inheritance Tax

Quote:

Originally Posted by Yotty (Post 5703873)

If you need to go into a home the state can sell your house and use it to pay for your care.:eek:

This happens in the UK too. I think it was panorama that did a report on it - quite shocking tbh.

http://news.bbc.co.uk/1/hi/programme...ma/4758750.stm

Meat and two veg

Mar 31st 2008 9:13 pm

Re: Inheritance Tax

Hi everyone,

I haven´t lived in the UK for 22 years, and I have no intention of in the future, when my parents die and I inherit their estate with my brother, 40% of my share will be tax for Gordon Brown and his cronies, I live in Germany and that is the way things are at the moment.

I am planning on emirgating to NZ, hopefully then I´ll find a better solution

Bye
Meat and two veg

JAJ	Mar 31st 2008 11:59 pm

Re: Inheritance Tax

Quote:

Originally Posted by cappuccino (Post 5703610)

Do you know if you can leave money/assets to family who are still in the UK without them having to pay inheritence tax or will they be taxed by the country they live in, not the country I die in?

U.K. Inheritance Tax is levied on the estate, not the recipients, as far as I am aware.

Bear in mind it applies to assets that are located in the U.K. even if the owner lives overseas.

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