IHTM04380 - Value left out of account: foreign currency bank accounts

IHTA84/S157 excludes from the charge바카라 사이트�on death only바카라 사이트�the balance on a 바카라 사이트榪ualifying foreign currency account바카라 사이트� of certain听诲别辫辞蝉颈迟辞谤s:听

  • For deaths on or after 6 April 2025, the exclusion applies if the depositor was neither resident or听long-term UK resident (IHTM47000) immediately听before they died.听

  • For deaths before 6 April 2025, the exclusion applies if the depositor听was听neither domiciled (IHTM13000) in the UK for바카라 사이트疘nheritance Tax바카라 사이트痯urposes nor resident (or ordinarily resident바카라 사이트痠f the death was before 6 April 2013)바카라 사이트痟ere for Income Tax purposes at the time of바카라 사이트痶heir death. 听

There is a corresponding exclusion for the balance on such an account held by trustees on the death of a beneficiary who had a qualifying바카라 사이트痠nterest in possession (IHTM16062) in it:听

  • For deaths on or after 6 April 2025, the exclusion听applies if the beneficiary was neither resident nor听long-term UK resident (IHTM47000) immediately听before they died.听

  • For deaths before 6 April 2025, the exclusion听applies if the beneficiary听was neither domiciled (IHTM13000) in the UK for바카라 사이트疘nheritance Tax바카라 사이트痯urposes nor resident (or ordinarily resident바카라 사이트痠f the death was before 6 April 2013)바카라 사이트痟ere for Income Tax purposes at the time of바카라 사이트痶heir death.听

In addition,听the听trustees must not be resident in UK at the time of the beneficiary바카라 사이트檚 death听and the settlor:听

    • Is alive and is not a long-term UK resident; or听

    • Died on or after 6 April 2025 and was not a long-term UK resident at their death; or听

    • Died before听6 April 2025 and was not domiciled in the UK when the property became comprised听in the settlement.听

Under FA96/SCH37/PARA12 a qualifying account is defined as 바카라 사이트榓 foreign currency account with a bank or the Post Office바카라 사이트�. A foreign currency account is one that is denominated听in a currency other听than听Sterling and under ICTA88/S840A a 바카라 사이트榖ank바카라 사이트� means

  • the Bank of England
  • an institution authorised under the Banking Act 1987
  • a relevant European institution
  • any international organisation designated as a Bank by Treasury Order.

Where the conditions are met, the balance on the account, whether in credit or in debit should be left out of account. You should refer any case of difficulty, especially if you are seeking to disallow a debit balance, to Technical.听