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Thanks HMRC Admin 19, but I do have some follow up questions after going through the rules.
A simplified case would be, my mother who was not a domiciled, gave me her property in Hong Kong before she enters the UK as my dependant, then within 7 years she passes away while having obtained domiciled status by living with me in the UK in her last 3 years. Does that incur inheritance tax on the property?
And what if she sold the property before coming and give me the cash as gift?
Thanks again for your help.
I’m a BN(O) visa holder planning to apply for PR eventually. My father/mother, who has not applied for the BN(O) visa and is currently in Hong Kong, may need to apply as dependent when either of them passes away.
Hence there are 2 scenarios:
1. If he/she decides to stay in Hong Kong, and passes away
- I assume there will be no inheritance tax implications should I inherit my parent’s properties and stocks/bonds, other than the capital gain tax for the added value at sales vs the time when they are inherited? Would you please confirm or advise otherwise?
2. If he/she sells everything, transfers all the cash to my UK bank account as gift, then come to live with me as dependent
- Will there be any tax implication?
- Will this change if:
i. He/she passes away within 7 years?
ii. Eventually he/she becomes UK domiciled or even PR after several years?
Thank you very much for your advice.