Domicile and foreign assets
Domicile is used to connect an individual to a place and in turn permit the law governing that place to apply to an individual. It is a concept which is distinct from residence, nationality and citizenship. In very simple terms, an individual is domiciled in the territory with which the law regards him/her as having his/her most permanent connection.
If an individual dies domiciled in the UK then, subject to certain exemption and reliefs, inheritance tax (IHT) is payable on the whole of his/her estate throughout the world.
Conversely, if an individual dies domiciled outside the UK IHT will only arise on his/her assets in the UK only.
If you were born or have significant, long-term residential or business connections outside the UK, this may have tax and administration implications. A solicitor can advise you about these complex issues and how it could affect your will.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.