HMRC targets IHT from overseas property owners

HMRC targets IHT from overseas property owners

HMRC to scrutinise overseas homeowners over IHT tax dodging

HM Revenue & Customs is cracking down on families that own overseas
property over concerns that they could be avoiding inheritance tax
responsibilities.

With around 250,000 British residents owning property overseas, the clampdown
could catch many families who believe they no longer have to pay IHT to the
taxman.

‘If you have inherited foreign property and not declared it, the Revenue is
saying we are coming after you. Even if you have failed to pay the tax
accidentally you should be worried,’ ICAEW tax faculty technical manager Anita
Monteith told The Sunday Times.

IHT, which is levied at 40% on assets above £285,000, is extremely difficult
to avoid even if a former UK resident attempts to acquire a new domicile.

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