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E-mailResident tax expert Lee Hadnum answers readers’ most pressing trading tax questions.
Q: I have just learned that non-US-resident, non-US citizens are subject to estate taxes, of up to 45 per cent, on US share holdings and wondered if it is the same for the United Kingdom?
Would I, as a non-resident UK citizen, be subject to inheritance taxes on UK share holdings?
If so, given the UK and US stock markets are major destinations for foreign investors, how is this estate tax risk mitigated?
A: Even if people lose their UK domicile status (to take overseas assets out of the scope of inheritance tax) UK assets such as UK shares are subject to inheritance tax at 40 per cent. Every individual subject to inheritance tax would, however, still have the nil rate band...
Excerpted from an article originally published in the Nov/Dec 09 issue of YourTradingEdge magazine. All rights reserved. © Copyright 2009, MarketSource International Pty Ltd.
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