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HMRC internal manual

Inheritance Tax Manual

Foreign `unsettled` property

‘Unsettled’ is a convenient description of property (IHTM04030) which is owned absolutely, and not held in a settlement (IHTM16042). Unsettled property which, at the time of its transfer, is situated abroad is excluded property (IHTM04251) if the individual/transferor beneficially entitled (IHTM04031) to it is also domiciled (IHTM13000) outside the UK at that time, IHTA84/S6 (1).

Conversely, all unsettled property beneficially owned by an UK domiciliary is within the scope of Inheritance Tax, regardless of the locality (IHTM27071) of the property.

Your investigation should follow the principles in IHTM Chapter 9 (IHTM09000) bearing in mind the special factors relevant to excluded property.

If you have any doubt about whether the property concerned is ‘unsettled’ or ‘settled’ you should consult Technical.