UK IHT for Australian Superannuation

Radnor

Hi all, I joined the site years ago, but I think this might be my first post! I hope you can assist for the following.

We’re reviewing the estate planning position of a client who is a UK citizen but not a long-term UK resident. They’re currently resident in Austria and are likely domiciled in Australia – they have no plans to return to the UK.
Years ago, they set up an Australian superannuation pension fund, but at a later stage, they arranged for the assets within the super to be managed via a UK wrap platform.

I’m trying to assess the UK IHT exposure of their estate if they were to pass away today. While the super itself is offshore, and they’re not UK-resident, I’m concerned that the use of a UK platform might cause the assets to be treated as UK situs.

Any insight or guidance would be much appreciated.

Wildparaplanner

Would the platform product being used (i presume it's a gross GIA) actually be owned by the superannuation fund and not the client? A bit like a gross GIA which is held under a full SIPP arrangement (i.e. the SIPP own the GIA, NOT the client).

Radnor

@Wildparaplanner said:
Would the platform product being used (i presume it's a gross GIA) actually be owned by the superannuation fund and not the client? A bit like a gross GIA which is held under a full SIPP arrangement (i.e. the SIPP own the GIA, NOT the client).

Thanks for your response. Yes, I believe it is the same. It is owned by trustees of the Family Superannuation Fund.