I'm Swiss living in the UK for around 20 years. My parents still live in Switzerland. What is my inheritance tax exposure in the UK if they pass away, assuming the total amount is around £1m, mostly in cash and real estate based in Switzerland? An accountant told me that as they are Swiss and living abroad I would not have any exposure. Is this correct?
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Inheritance Tax is based on the domicile (or deemed domicile) of the donor when it comes to lifetime gifts and assets left on death. Your parents appear to be Swiss resident and domiciled so there should be no UK IHT implications on their passing.
You are UK resident, so would be liable to UK income tax on any income arising from these assets after they pass to you.
You are also currently deemed UK domiciled (resident for 15 of last 20 years) so gifts you make are transfers of value for IHT purposes.
Based on your wealth of information, I don't think there's anything that you need to worry about.