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Posted Fri, 22 Sep 2023 09:41:54 GMT by
Is there any tax liability on myself or my sibling if I receive inheritance from abroad on behalf of a sibling and then pass it directly on to them? They would purely be using my bank account to receive the international payment and it would be forwarded on the day it arrived. The money would be their share of an inheritance and is not mine to 'gift', but they are having problems setting up an appropriate account with the executer's chosen foreign exchange broker.
Posted Mon, 02 Oct 2023 10:24:15 GMT by HMRC Admin 32 Response
Hi,

If it is cash only then no. For property or shares, there would only be tax due when the asset was then sold on.

Further guidance is at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.

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