Hello, I am an American living and working in the UK for the past five years, and I have a child and no spouse. I have a property (previous home) in the US and a home in the UK. By chatting with ChatGPT, it seems that if I live in the UK for 15 years (10 years in the new rule of deemed domicile), then the US property (and any other assets) will be taxed at 40% IHT, unless I move back to the US and live there for at least 6 years before passing it onto by child.
A worse scenario is the following: I have always planned to make a gift to my alma mater (nonprofit). From ChatGPT, it seems that unless I plan ahead and give the donation before the 15/10 years of deemed domicile, then this donation will also be taxed at 40% because the beneficiary is not an UK charity! This feels extremely unfair given that the 401K was earned at the US.
From reading other posts, US/UK dual planning individuals do not seem to exist and different companies contradict each other. So, I would very much appreciate any advice! Many thanks!