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  • RE: Inheritance tax on overseas properties owned by dependent

    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.
  • Inheritance tax on overseas properties owned by dependent

    Hi, 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.