excluded property

excluded property
England, Wales
For inheritance tax (IHT) purposes, certain types of property are excluded from IHT. It is a technical term and includes:
• Property situated outside the UK, where the beneficial owner is domiciled outside the UK for IHT purposes.
• British government securities, where the beneficial owner is neither domiciled nor ordinarily resident in the UK.
war savings certificates and other national savings products, where the beneficial owner is domiciled in the Channel Islands or the Isle of Man.
For further details, see Practice note, Inheritance tax: overview.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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