Hi Reb88,
An individual, resident and domiciled in the UK is taxable in the UK, on their world-wide income and gains, using the arising basis. This means they are taxable in the tax year in which the income or gain arises. You may be subject to Capital Gains Tax in the UK, on the disposal of the foreign property, using the arising basis, even if you have paid Capital Gains Tax on the disposal in the country the immoveable asset is located.
If you dispose of the property you will need to work out if there is a gain arising from the inheritance value and the disposal value. Both values need to be converted to pounds sterling using the official exchange rate in use at the time of inheritance and disposal.
The guidance below will help.
Tax when you sell property
The official exchange rates can be found at:
Exchange rates from HMRC in CSV and XML format
The residence, domicile and remittance basis may also apply, depending on your circumstances.
Have a look at the guidance at:
Residence, domicile and the remittance basis: RDR1
Thank you.