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Posted Tue, 21 Mar 2023 09:40:05 GMT by Poohinuk
I moved to the UK on a BNO visa for 1.5 years and I am currently an UK tax resident. My father is a Hong Kong resident who lived in Hong Kong (Non-UK resident) and recently passed away. My father has an apartment located in Hong Kong that I am set to inherit. 1. Do I need to pay any inheritance tax when I inherit the apartment? 2. If I don't need to pay inheritance tax, do I still need to inform HMRC when I inherit the apartment? 3. After I inherit the apartment, will I need to pay the Capital Gains Tax when I sell it? 4. Is the Capital Gains Tax calculated by subtracting the value of the apartment when he inherited it from the income he received from selling the apartment? Thanks you.
Posted Wed, 22 Mar 2023 10:33:07 GMT by Poohinuk
Hi Admin, Sorry that I still can't get any reply. Hope to hear from you soon. Thank you
Posted Fri, 24 Mar 2023 14:08:09 GMT by HMRC Admin 20
Hi Poohinuk,

Money or assets inherited from a relative overseas may be subject to UK Inheritance Tax.
For more information, please call our Inheritance Tax helpline or write to us at the address provided below.        
 Inheritance Tax: general enquiries                                           
If you sell the inherited overseas property, you may be liable to Capital Gains tax, as detailed here:  
Selling overseas property

Thank you.
Posted Fri, 24 Mar 2023 15:18:05 GMT by Poohinuk
Hi Admin, Do you mean that even if my father is not a UK resident (he is Hong Kong resident and lived in HK) and the apartment is located in Hong Kong, I still may subject to UK Inheritance Tax? Thanks
Posted Fri, 24 Mar 2023 15:31:27 GMT by HMRC Admin 2

Please contact our Inheritance Tax team for further advice.

Inheritance Tax: general enquiries

Thank you.

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