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Posted Wed, 13 Apr 2022 12:22:43 GMT by olkelvin wong
Hi, I had been to UK for about 2 years. And my dad died recently. He lived outside UK and didn't have any assets in UK. All assets are outside UK, including properties, shares, bonds, bank savings. From my understanding, I don't need to pay any inheritance tax, because he was not UK domicile resident. However, I'm not sure, if I want to transfer his money in bank aboard to my UK bank, will I be subject to any tax? Remittance Tax? Income Tax? Gift Tax?...or other tax? And how about the properties outsides UK? If I want to sell it, will I be subject to any tax? And shares and bonds? If I sell them and transfer money to UK? will I be subject to any tax? And which parts do I need to report to HMRC? Thanks in advance for your advices.
Posted Tue, 19 Apr 2022 10:28:12 GMT by HMRC Admin 19
Hi,

Money inherited from abroad may, under certain circumstances, be subject to UK Inheritance Tax. To check whether or not you are due to pay Inheritance Tax, please contact HMRC's Inheritance Tax helpline.                                                              

Inheritance Tax: general enquiries                    

The transfer of money from an overseas bank account to a UK bank account is not in itself a taxable transaction. However, you would be required to declare any interest that arises.

Thank you.                         
Posted Tue, 12 Jul 2022 23:19:11 GMT by Okan Karatas
Hi Me and my wife are Turkish citizens living in UK with ILR. My parents and my wife’s parents, Turkish citizens living in Turkey, will gift us £25000 to help us with some part of stamp duty and mainly moving costs. If they die in 7 years, are we subjected to inheritance tax and should we declare this to HMRC? Thanks
Posted Thu, 14 Jul 2022 14:16:58 GMT by HMRC Admin 26
Hi,

You are not liable to inheritance tax in the UK. However, you may want to check the status in Turkey to ascertain if the gift is included in the estate, as it is in the UK, for inheritance tax purposes. You do not need to declare the gift to the UK authorities.

Thank you.
Posted Sat, 16 Jul 2022 11:55:07 GMT by MikeSmith
Hello Inheritance Tax Question My mother died in April 2020 and with the exception of a few minor items all her assets were held jointly with my father and transferred to his name. My father has now gone into care with dementia and we are selling his property as it is in very poor condition and not rentable. The sale value of the property is expected to be approx £650K which will go into his bank account . Its impossible to calculate the asset value of the estate because of the care costs. This question assumes he dies this year after the house is sold which would give a total asset value of estate at £1,800K including the house proceeds. In 2022/2023 my assumption is £1,800K Total Assets £ 325K x 2 Inheritance tax relief (both parents) £175K x 1 Property Tax relief (our mother) £825K Total tax relief ` £975K Taxable at 40% My reasoning is our mother died before the property was sold and my father will die after after. Is this reasoning correct or does it not work that way? I can find questions that cover both or neither parents but not this specific case. Thank you.
Posted Sat, 16 Jul 2022 18:29:42 GMT by lea
Hi, I am a UK citizen and resident. If my father, who is not a citizen or resident, transfers me £200k from his bank account aboard to my UK bank account, am i subject to inherence tax? if yes, Who pays it? and is it applicable given that he is not a citizen? Do i need to declare this as a gift when received or do anything? thanks
Posted Tue, 19 Jul 2022 13:34:23 GMT by HMRC Admin 10
Hi Mike Smith
Information is here for inheritance tax queries.:
Inheritance Tax: general enquiries
Thankyou.
Regards.
Posted Tue, 19 Jul 2022 13:37:33 GMT by HMRC Admin 30
Hi, 

You would not be liable to inheritance tax in the UK but you may wish to check with the tax laws for the country your father is resident in

Thank you.
Posted Wed, 16 Nov 2022 14:38:35 GMT by montydog
Hello - I hope you can help. My elderly mother has moved out of the house that she owned with her husband (now deceased), and into rented accommodation. House value is £900k, and other savings is £100k. Her deceased husbands reliefs remain unused. 1) If she had died (hypothetically) whilst still resident in her previous wholly-owned property, then I know that her entire £1m estate will be covered by 2 X NRB and RNRB. So no IHT due. Is this correct? 2) But in reality, she now rents, so is the RNRB still allowed to be employed on death? Is there a time limit whereby the RNRB can no longer be employed, if she lives in rented for, say, another 10 years after selling? I don't believe there is a time limit, but please confirm. 3) Assuming no time limit, what happens if she gifts a substantial part of the property proceeds - say £800k - to her children before death? If that gift occurred today, and death occurred in say 5 years time - would the £800 still be covered by the RNRB and therefore IHT free? Or would it no longer qualify, and instead by treated as any other lifetime gift, and subject to PET taper relief? In essence, we want to know if we would lose out financially through additional IHT liability if my mother were to gift monies (that would otherwise be covered by the RNRB) early, before her death. I hope you can help! Thanks
Posted Wed, 16 Nov 2022 15:18:33 GMT by HMRC Admin 32
Hi,

Please contact the Inheritance Tax team for advice:

Inheritance Tax: general enquiries

Thank you.
Posted Wed, 16 Nov 2022 16:14:31 GMT by montydog
Hi - thank you for reply. I have spoken to the team, who insist on characterising my question as advice, and therefore won't help. But my question does not constitute advice. I just want to know what the methodology for calculating IHT is. I can make my own mind up about which tax planning measures are best for me - but only once I know how IHT is calculated. Please help. Thanks.
Posted Sun, 29 Jan 2023 18:33:08 GMT by Al
If I give my UK resident child $500,000 now while I'm resident outside the UK and next year I immigrate to the UK, does the gift still form a PET for a further 6 years or is the gift excluded from any calculation of IHT because it was made before the donor was subject to UK tax laws? If my UK child lent me $500,000 while I am still resident in Canada, would the value of the loan be excluded from my estate for IHT purposes if I subsequently immigrate to the UK, or would it be caught by anti-avoidance rules?
Posted Mon, 30 Jan 2023 12:51:04 GMT by HMRC Admin 19
Hi,

Please contact the Inheritance Tax team for advice:

Inheritance Tax: general enquiries

​​​​​​​Thank you.
Posted Mon, 30 Jan 2023 14:14:19 GMT by Al
I'm not sure what the point of this forum is. I was just told in response to my post :"Hi, "Please contact the Inheritance Tax team for advice". I have just been told in no uncertain terms that the Inheritance Tax Team will not (a) give advice (b) speak to people unless it is a query following an actual death. Also, the forum is not organised correctly with posted individual questions and then replies to them. Everything is posted as a reply to the posted heading.

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