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Posted Sat, 11 Mar 2023 15:34:10 GMT by ozinecosse
I understand receiving an Inheritance over £325,000 attracts a 40% tax - does this same rule apply if Property, Shares & monetary assets are inherited from Australia? Or because the inheritance originates in Australia it is covered by Australian tax rules?
Posted Wed, 15 Mar 2023 15:21:03 GMT by HMRC Admin 32

Please refer to guidance at:

How Inheritance Tax works: thresholds, rules and allowances

You can also contact our Inheritance Tax team for further assistance.

Inheritance Tax: general enquiries

Thank you.
Posted Wed, 15 Mar 2023 20:54:26 GMT by ozinecosse
Thank you for your reply. The link you kindly provided refers to inheritance within the UK. I may be wrong but I thought if the inheritance originated in Australia (or any other country), that the tax rules of that country applied?. This is the question I was looking for clarification on. Thank you
Posted Wed, 22 Mar 2023 09:29:05 GMT by HMRC Admin 25
Hi ozinecosse,

The rules of that country apply but 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 abroad will depend on where the deceased was domiciled and where their assets are located.

Please contact the Inheritance Tax helpline on 0300 123 1072 for further advise if required.

Thank you. 

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