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Where a liability may not be allowed as a deduction because it was used to acquire听excluded property (IHTM28014), the liability may still be allowed up to the value of the asset that has not been disposed of and is no longer excluded property, IHTA84/S162A(3). In other words, where excluded property that was acquired听with borrowed money is now subject to IHT, the liability can be allowed, but only up to the value of the property听which is now chargeable, even though the money borrowed was used to acquire听excluded property in the first place.听

Example听

Chandra, who is not domiciled in the UK听(to 5 April 2025) (IHTM13000)听or not a long-term听UK resident (from 6 April 2025)听(IHTM47000)听borrows 拢750,000 and buys a property abroad for 拢1m. The interest due on the loan is allowed to accumulate instead of being repaid. Chandra听subsequently听becomes deemed domiciled in the UK听(to 5 April 2025)听(IHTM13024)听or a long-term听UK resident (from 6 April 2025)听so the property is now subject to tax. On Chandra's death, the property is worth 拢1.2m and the sum owed under the liability is 拢1.3m. As the property is now subject to tax, the liability may be allowed; but only up to the value of 拢1.2m. The remaining 拢100,000 may not be deducted.