Archive for September, 2016

In a decision of importance to charities and to any British citizen who is domiciled abroad, but who has assets in the UK, the Court of Appeal has ruled that £600,000 in Inheritance Tax (IHT) was properly charged on a woman’s bequest of over £1.8 million for the benefit of elderly Jersey residents. The woman was domiciled in Jersey and, at the date of her death, held assets in the UK valued at £1,818,000. By her will, she left those assets on trust for the purpose of constructing homes for elderly people living in a particular parish on the island. If that gift failed for any reason, the trust’s capital was to be applied for the assistance of a Jersey-based hospice care organisation. The executors of the woman’s estate argued that no IHT was payable on the transfer of the assets’ ... Read more