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There is a statutory exemption from IHT in relation to qualifying foreign currency bank accounts held by non-residents that is only available on death¹.

For information on the other categories of excluded and exempt property for IHT see I9.311.

A 'foreign currency account' is any account other than one denominated in sterling². A 'qualifying' foreign currency account is a foreign currency account with a bank. A bank is in turn defined as³:

1. Ìý

   •ÌýÌýÌýÌý the Bank of England

2. Ìý

   •ÌýÌýÌýÌý a person who has permission under the Financial Services and Markets Act 2000, Pt 4A to accept deposits, other than:

3. 1. Ìý

      –ÌýÌýÌýÌý a building society

   2. Ìý

      –ÌýÌýÌýÌý a society registered within the meaning of the Friendly Societies Act 1974 or incorporated under the Friendly Societies Act 1992

   3. Ìý

      –ÌýÌýÌýÌý a society registered as a credit union under the Co-operative and Community Benefit Societies Act 2014⁴ or the Credit Unions (Northern Ireland)