[WSBAPT] UK Gift/Inheritance/Estate Tax Question

[David Faber]

Clients (US citizens, no UK citizenship) want to make a gift to their son
(dual citizen US/UK) in the amount of $300,000. I have reviewed all
information that I can find about the application of gift, inheritance, and
estate taxes that I can find and yet I cannot find an answer to my
question, which is:

Will the UK assess any gift or other taxes on this gift or should the US
rules apply in exclusion to the UK?

I think this turns on the question of whether the UK's death taxes are
levied on the decedent's estate or on the recipient of the inheritance,
which I also have not been able to ascertain. Nor have I been able to
ascertain whether the son's US citizenship and his ability to effectively
just accept these funds into a US account, thereby presumably triggering
the US gift taxing rules, would preclude the application of the UK taxing
rules. Does anyone on this list have particular knowledge that they could
impart regarding this type of transfer and the applicability of the UK's
tax regime to it?

Thank you.

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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