Peter Vaines believes that HMRC is wrong to now treat specialty debts as situated where the debtor resides, rather than where the relevant document is found.
HMRC is wrong to treat specialty debts as situated where the debtor resides rather than where the relevant document is found.
Individuals with a foreign domicile are only exposed to IHT in respect of assets situated in the UK. In general terms assets situated outside the UK are excluded property – and outside the scope of the tax. Accordingly identifying where an asset is situated is rather important.
Specialty debts – generally those due under a deed – are regarded as situated where the document is physically located. This has been the common law rule for...
