Inheritance rules

[Sprinter]

A morbid subject and I am sorry for bringing it up but can anyone give me general guidance on Inheritance rules and death duties for a possible temporary visa holder in South Australia. Just general guidance at the moment. Many thanks.

[Blossom]

Do you mean if someone on a temporary visa dies while here? Without a will?

[Sprinter]

As our visa application is in the pipeline, this is just preparatory at the moment. we have been told we may (hope) get a temporary visa for 4 years, renewable, We have UK wills at the moment and will update them if and when we get to Aus. If we die in Aus are there death duties and what are the Inheritance rules, does the Government take a chunk before the rest is distributed etc. Are there rules as to what percentage goes to whom.

[PatP]

I don't think that's a morbid question its sensible We are going to do wills when back in Oz and leave our house in the UK to our son ( we are trying to sell it so if we do we would need to change our wills again )

Oddly enough I too have wondered how things would be if we are in Oz ,our son is also there so would he have to pay any UK taxes

[Andrew from Vista Financial]

A morbid subject and I am sorry for bringing it up but can anyone give me general guidance on Inheritance rules and death duties for a possible temporary visa holder in South Australia. Just general guidance at the moment. Many thanks.

 

Hello

 

Inheritance tax (death duties) do not exist in Australia however the UK could well look to apply IHT for UK assets (this will depend on a persons domicile which can be very complicated).

 

Regards Andy

[Sprinter]

Thanks Andy, I think I have been brainwashed by living in Switzerland to long where the Government have first large pickings on an estate, and have rules on who can and cannot inherit when someone dies, if there is anything left after the "official" money grab. Luckily we found a loophole where we can still have an English will recognised in Switzerland except for property owned in Switzerland. There is a rumour that even that is being looked at with a view to closing it. I agree the domicile bit is a minefield and best left to the legal wizards to advise.