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Excluded property trusts

Where a person who is non-UK domiciled (for inheritance tax purposes) establishes a (normally discretionary) trust and that trust invests in non-UK situs property, under current law the trust will be outside the IHT net forever – even if the settlor later becomes UK domiciled for IHT purposes. This is what is known as an excluded property trust and the trust will not be subject to IHT even if the settlor is a potential beneficiary. Labour may well change the rules on domicile in the future (see below) and non-UK domiciled people who are currently resident in the UK may therefore be very interested in establishing such a trust before any possible changes. As such a trust must invest in non-UK situs assets to achieve excluded property status, offshore capital investment bonds or offshore roll-up funds can be ideal investments both from a tax standpoint and as a means of minimising trust administration.

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