Excluded property and location of assets
In this lesson, you'll learn how to identify which assets are subject to inheritance tax and where they're located for IHT purposes. The key rule is straightforward: overseas assets belonging to non-long-term UK residents are excluded property and aren't chargeable to IHT.
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In this lesson
- 0:00 Excluded property and overseas assets
- 0:27 Rules for determining asset location
- 1:20 Worked example: Uzoma's estate assets
About this lesson
However, determining asset location requires precision—land and buildings are taxed where physically situated, but bank accounts follow the branch location, shares follow the share register location, debts follow the debtor's residence, and life insurance follows where proceeds are payable. You'll work through a practical example showing how to classify a mix of UK and overseas assets in an estate, building the skill you need to handle location-based IHT questions confidently in your Taxation paper.
Duration: 3m
Transcript
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