Deceased’s Maltese properties were not held in trusts, says FTT
The First-tier Tax Tribunal (FTT) has upheld HMRC’s determination that foreign properties part-owned by a deceased man were not held by a trust settled by a person domiciled outside the UK. They were thus liable to inheritance tax under s.5(1) of the Inheritance Tax Act 1984. The FTT rejected representations that the deceased was domiciled in Malta but ‘trapped’ in the UK by an illness. Further, it did not allow that his estate was excluded property for five different reasons, including that section 43 of the Act did not apply to property governed by non-UK law (Lincoln v HMRC, 2024 UKFTT 886 TC).
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