Foreign inheritance (from EU country) and tax implications

Hi, I've received an inheritance from my father who was based in Poland (all assets are located in Poland). I'm a dual Polish-British citizen and I complete a self-assessment every year. The inheritance will consist of cash as well as shares in a family-owned (non-listed) business for which there is no current valuation available. Given this I have a few questions: - Do I need to declare the inheritance to HMRC and if yes what is the process to follow / forms to complete? Do simply I indicate this on my self assessment when I complete it at the end of the tax year? - Regarding the cash sum - are there any tax implications of bringing those funds to the UK? - Regarding the shares in the family business - in a scenario where I may want to sell the shares in the future or my family wants to sell the company what is then the approach to capital gains calculation? My question is whether we should establish a current true valuation of the company for future tax calculation purposes? Are there any other considerations of owning such shares from a tax perspective that I should be aware of? It would be very helpful if someone could point me to the relevant guidance on HMRC website if such exists because I couldn't locate it. Thank you in advance!

Hi,

Inheritance tax is only paid on UK assets (once the threshold has been met) so there will be no need for you to declare this.
You do not need to declare the transfer of the money to the UK. However, you will need to obtain a value for the shares at the date your father passed away as you may be liable to capital gains tax should you sell these at a later date.

Thank you

Hello, I have a similar situation my brother an Italian citizen and resident recently passed away. My sister and I inherited a sum of money (below the threshold) all the money are in Italy and I am not planning to take them to the uk. I am a dual British and Italian citizen and resident in the UK. Do I have to declare this sum to HMRC? Thanks

Hi,
Inheritance tax is only due on UK assets. Therefore inheritance that you receive from anywhere that is not the UK is not taxable and does not need to be declared. However, You will need to declare any income that is then generated from these assets.
Thank you