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Inheritance Tax - Assets/property In Australia
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Is there a way to avoid IHT on assets sited in Australia owned by someone domiciled in England?
As far as I can see they will fall within the estate.
As far as I can see they will fall within the estate.
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They fall within the estate but are governed by Australian tax law and inheritance law if they are realty (land, buildings etc). With realty, there will be an arrangement between the two countries to avoid double taxation. The inheritance law may be a bit problematic with realty. Unless there is a separate Will for foreign realty, the deceased will be regarded as intestate under that country's law and will pass ,as though no will had been made, in accordance with that.
The only way to avoid the IHT under UK law applicable is to do what you would do in Britain
The only way to avoid the IHT under UK law applicable is to do what you would do in Britain
Good answer from Fred - I am not sure if this site is suitable for wills in two countries - you may think about er paying for advice.
You could run two wills - but the words of revocation if they are still in will keep lawyers in clover for years to come. Also the Oz will has to comply with Oz law. (Belgium which I know is not in Oz - 60% must by law go to the statutory heirs or else the probate court will vary it)
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