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Clare
Clare, Solicitor
Category: UK Tax
Satisfied Customers: 27692
Experience:  25 years exeperience as a high street solcitor
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My wife and myself were both born in the Uk however we now

Resolved Question:

My wife and myself were both born in the Uk however we now both have Uk and Canadian citizenship.
My wife of 49 years is now a Permanent resident of Canada and I am a permenent resident of the UK.
My wife and myself have been legally separated under papers signed in Canada for over 8 years.
My wife is now seeking a divorce and as part of the divorce settlement she is asking for the ownership of the house I own out right in the UK to transfered into her name alone. However as part of the divorce agreement she would be willing to sign an agreement whereby she would allow me to remain in the house as a rent paying tenent for the rest of my natural life. She would also agree not to sell the house whilst I was still alive.
My question is how would this agreement impact upon the amount of inheritence tax payable by my estate in the event of an early death on my part
Submitted: 11 months ago.
Category: UK Tax
Expert:  Clare replied 11 months ago.
Hi
Thank you for your question I shall do my best to help you.
If you are referring to UK law then it will have no effect at all as it will nor form part of your estate
I hope that this is of assistance please ask if you need any further details
Claire
Clare, Solicitor
Category: UK Tax
Satisfied Customers: 27692
Experience: 25 years exeperience as a high street solcitor
Clare and other UK Tax Specialists are ready to help you
Customer: replied 11 months ago.

I know that should I die say within four years of my gifting my house in the UK to my wife who is a permenent resident of an overseas country then the house would be considered for inheritence tax purposes as part of my estate. I also believe that if my death were to ocurr between 4 and I believe 8 years following the transfer of title, the Inheritence tax would be proportioned in relation to years since transfer.


So I would ask you to clarify your answer in relation to my original question that is would the inheritence tax situation as described above be completely or partially circumvented should I die within eight years of the transfer of the ownship of my house in the UK to my overseas wife,as part of a divorce settlement.Thanks

Expert:  Clare replied 11 months ago.
HI
If the transfer was part of a divorce settlement then it would not be counted as a gift at all for this or any other purpose
Claire
Customer: replied 11 months ago.


Thanks Claire you,ve answered my question.

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