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The inheritance tax proposals for transfers to a non-domiciled spouse or civil partner
KEY POINTS
- Current rules are designed to prevent assets escaping inheritance tax.
- Proposal to increase the exemption for transfers to non-domiciled spouses.
- Illustrations of the effects of the new rules.
- Non-domiciled spouses will be able to make an irrevocable election to become UK domiciled.
- Careful calculation will be required to ascertain whether this election will be beneficial.
As we write David Cameron’s plans to expand the definition of marriage are trundling along albeit with a degree of controversy. It seems that for many people whatever side of the fence they sit marriage or civil partnership remain a treasured status and still provoke strong feelings. This is despite census figures which show a declining proportion of the population in each arrangement.
Tax is one area where marriage...
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