Inheritance tax on overseas property consultation - Law Society response
In December 2016 HMRC published a consultation on provisions in the Draft Finance Bill 2017 on inheritance tax on overseas property with value attributable to UK residential property. The Law Society has responded to this consultation.
The proposed measures aim to extend the scope of inheritance tax to residential properties in the UK which are held by non-domiciled individuals.
Our response highlights areas of the proposals that are inconsistent or unfair and where further clarification would be useful. We question whether the scope of the proposals is too wide and calls for clearer definitions of what would fall under these proposals.