For the moment, our adult kids, both dual nationals, still live in the UK where they were born and bred. What would happen re taxation if and when they inherit our assets in CH, financial and property, if they are still in UK at the time.

Not sure what would happen, but it could be complex and costly. Have you thought about the possibility of signing all or at least part of the estate over to them beforehand? I know from experience people do this to make things easier for those who are left behind.

Another (some will say drastic) option of course is to sell up/liquidate all assets in CH (and move to the UK) - that way the entire thing involves just one country.

No thank you at the moment that would be the last thing on my mind (return to Brexit UK).

Fair enough but be aware that after you've gone things can be very complicated for those who are left to sort things out and divide things up. If more than one country is involved it can be a lot of hassle.
My aunt is always telling me how her friend in Zurich is always moaning on about how his late father's estate is still not properly sorted out. This father died 10 years ago now! One of the several complications is that one person in the will is Swiss but with UK domicile.

The more 'stuff' you have the more complex it can be. Better to have a simple situation and a very clear will drawn up. Any change of circumstance should mean checking to see whether the will needs updating/amending to reflect the new situation.

Assuming the UK revenue don't decide you're 'deemed domicile', there is no UK taxation except on UK assets, standard exemptions. Take note that the UK exemption between spouses assumes UK domicile, without it transfers of UK assets are potentially taxable. Not sure on Swiss taxation.

UK domicile has nothing to do where you live, unlike in CH.

Who cares, no longer my problem !!

And it seems you're not the only one avoiding the UK...
https://www.bbc.co.uk/news/world-asia-china-46859574

Inheritance taxes normally depend on the laws of the the country where they are located (MIL had assets in CH and I, so we have to deal with both systems, which fortunately have basically the same rules)

Tom

Thanks Clocker- yes, we are fully domiciled in CH for all purposes including tax (and both dual nationals).
TBH no intention of kicking bucket soon, but at 68 and 73 ... the clock is ticking.

Our girls are both UK residents with dual nationality. Hopefully, they will all be in Switzerland by the time of our demise -as the UK becomes less and less attractive to remain in- the next few days and months will decide. They are lucky their dual nationality will give them a choice many will sadly no longer have, as will our grandchildren.

I will get daughter numero uno to check with her accountant in UK next time she meets up with him. Thanks.

You mean where the assets are located, not where the death occurs or where the will was drawn up or where residence was held by the deceased or the residence held by the persons named in the will?

Yes.

Swiss assets were dealt with by the Swiss, the Italian assets are still being dealt with in Italy 8 years later.

Tom

That doesn't surprise me. Just another example of why it's best at a certain age to liquidate all assets in all countries except the final country of residence. It makes it so much easier for those who are left behind.

In that case there may be tax to pay on the first death on UK assets, passing to the wife depending on value.

'Fully domiciled in CH' is a term I have never heard of, you both live in CH & are CH domiciled for Swiss tax purposes. I am not talking about the Swiss definition of domicile or Swiss taxation.

Our property in the UK is just a holiday home- and yes, we have it confirmed that we are fully domiciled in CH, lock stock and barrel - a small holiday home there makes NO difference.

Tax resident in CH.

You will almost certainly be....but from what I recall of your circumstances I would not be surprised if your OH was still considered to be domiciled in the UK. Do you really have a ruling from HMRC in writing on the subject?

As was already mentioned, domicile in UK tax is (almost) completely separate from residence. Tax residents in CH can very easily be domiciled in the UK under UK law.

Your intention to possibly return, as stated many times by yourself could have more of a bearing than you believe.
The bigger question is were you ever UK domiciled & if so, have you definitively lost your UK domicile?
Under current (new) deemed domicile rules you would have become UK domiciled due to how long you lived in the UK, how HMRC & the appeal courts will interpret this going forward is not known.
HMRC will never provide a ruling only the courts can do that.

Just spend all the money and avoid the problem entirely.

How long does one have to live (or to have lived) in the UK to be deemed UK-domiciled? Does nationality and/or change of nationality affect this?

Condition B) being resident 15 out of the previous 20 years makes you UK domiciled regardless of anything else.

If you acquire a domicile of choice it has to be permanent, by stating you might return it's clearly not permanent choice, the same is true if you subsequently move to another country.