inheritance tax on cash from parents based overseas

Hi, My parents are Canadian, reside in Canada and I'm dual citizenship, British and Canadian, reside in the UK. My parents included me in their will to inherit one million two hundred thousands Canadian dollars. What tax will I have to pay in the UK on this sum? Thank you.

Hi
Funds received from an overseas inheritance are not liable to income tax.
However you may have to declare any interest that arises when the sum is deposited in a UK bank account.
Thankyou.
Regards.

Hi, thank you for the response. I was told the inheritance tax in The UK is taxable at 40%, does it mean this applies only on inheritance from UK estate, not inheritance received from abroad? I just want to clarify. Thank you

Hi Nadine,
Please refer to guidance at:
How Inheritance Tax works: thresholds, rules and allowances
Thank you 

Hi My parents are in India . They are Indian citizens (Indian domicile) . They want to pass on the money to me and my brother who are in UK. Does the inheritance tax rules (7 year threshold rule )applies to Indian citizens? Do we have to pay any Tax on the money gifted to us. Thank you

Hi,
 

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications : How Inheritance Tax works: thresholds, rules and allowances    and  : Inheritance Tax: general enquiries    . Thank you.

I am a British citizen and domiciled in the UK. My late father who was a Malaysian citizen and had always domiciled in Malaysia. I am inheriting some cash amount made up from his cash deposit account, liquidated shares and unit trusts investments in Malaysia and Singapore. I assume there is no need to pay any UK taxes, such as inheritance and capital gain tax ? Thanks for your assistance.

Hi,

There are no Income Tax implications on the giving or receipt of cash gifts, but you may wish to speak to Inheritance Tax regarding any Inheritance Tax implications.

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries

Thank you.

I am a Swiss citizen living in the UK. My late parents lived in Switzerland. Under Swiss tax rules, my mother was responsible law to pay all taxes on all assets up to her death, but from the time of her death the heirs are responsible individually for paying relevant taxes according to the tax rules of where they live. For the period from my mother's death to the time when the estate will be divided among her heirs and my share will be transferred to me here in the UK, am I liable to UK tax for from interest income etc. accruing to the estate? In other words, does my UK tax liability start when my inheritance is transferred to me, or does it already apply when I only have a future claim on a share of the estate?

Hi, I am a British resident with British/German dual nationalities. Please can you confirm that there is no inheritance tax if my parents gift me a cash lump sum from Germany. I cannot find this information on the link you provided ( How Inheritance Tax works: thresholds, rules and allowances). Many thanks for your help.

Hi,
 

Please refer to guidance at : How Inheritance Tax works: thresholds, rules and allowances   .

Thank you.

Hi Andy123,

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications
How Inheritance Tax works: thresholds, rules and allowances
and
Inheritance Tax: general enquiries 

Thank you.

 

Hi I moved from the UK to Italy 10 years ago. I still own a property in the UK from when I lived there. If I leave this property to my children, who also live in Italy, will they have to pay UK inheritance tax when I die, even if neither myself or they are UK residents? Thank you

Hi bluestreek bluestreek,

Please refer to guidance here:

How Inheritance Tax works: thresholds, rules and allowances

Thank you. 

Hi My grandfather died overseas and he is not a UK tax resident, I inherited 1 million HKD from him and I would like to remit them to UK, whether I need to declare it to HMRC or not? Thank you

My grandmother recently died living in the US and had accrued US assets over her time there. She married a US citizen in 1997 and shortly after moved there to live with him, only returning to the UK for holidays however she had not been over in the last 7 years of her life. She kept her home in the UK for holidaying purposes and had UK bank accounts, though they have not been used in many years and as such went into dormancy. I am trying to establish for IHT purposes whether she is deemed a non-dom on the basis of that information.

Hi zszspz,

if you are living in the UK when you inherit money or property from overseas, or someone living overseas, whether or not you will have to pay UK tax on inheritance from

broad will depend on where the deceased was domiciled and where their assets are located

Please contact the Inheritance Tax helpline on 0300 123 1072.

Thank you. 

 

Hi rlovett,

Please refer to guidance here:

Inheritance Tax deemed domicile rules

It is up to the indivudual to determine their domicile status based on the guidance provided as HMRC cannot do this.

Thank you. 

Hi, I no longer live in the UK nor am a UK citizen but I still have a UK bank account there. What are the tax implications if I receive cash from a family member overseas (approx 145,000 pounds) in my UK bank account? Thanks

Hi,

There are no income tax implications re: gifts of cash from relatives, but you may have to pay tax on any bank interest generated.                    See links: Tax on savings interest  . Enquiries re: any Inheritance Tax inplications should be directed to HMRC's dedicated helpline :                                             : Inheritance Tax: general enquiries  . Thank you.