I have been reviewing my situation in light of the HMRC changes that bring pensions within the scope for IHT in 2027.
Circumstances: My wife and I are both Irish born, live full time in Ireland and are non-domiciled for U.K. tax purposes (I appreciate this can be a complex area but assume it is correct for now).
I have a portfolio of UK shares and a SIPP in the UK.
In the event that I pre-decease my wife the "spousal-exemption rules" would apply as we are both non-domicile (or I am not "long term U.K. resident" post the changes in April 2025) meaning that there is no liability to UK IHT on either the shares or (post April 2027) my SIPP.
Does that seem correct?
Circumstances: My wife and I are both Irish born, live full time in Ireland and are non-domiciled for U.K. tax purposes (I appreciate this can be a complex area but assume it is correct for now).
I have a portfolio of UK shares and a SIPP in the UK.
In the event that I pre-decease my wife the "spousal-exemption rules" would apply as we are both non-domicile (or I am not "long term U.K. resident" post the changes in April 2025) meaning that there is no liability to UK IHT on either the shares or (post April 2027) my SIPP.
Does that seem correct?