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Posted Tue, 19 Mar 2024 23:05:36 GMT by reenajoshi1984
Hi, My grandfather, who is a foreign citizen and foreign resident, opened a trust fund with a company in Switzerland a few years ago, with myself listed as a beneficiary. This foreign trust fund did NOT make any income/gains (in fact the trust fund actually made a small loss). He has since passed, and this non resident trust fund was closed last year and my share of the monies were transferred to my UK bank account from the trust fund company in Switzerland. Therefore the transaction listed on my UK bank account is listed as money coming in from a foreign bank account (Switzerland). I have read on these forums that transferring bank capital from abroad to a uk bank account do NOT have income tax implications nor does receiving money from overseas relatives. As the money from this foreign trust fund, set up by my foreign citizen grandfather (aka my overseas relative) that did NOT make any income/gains came into my UK bank account as a foreign bank transaction (aka capital from abroad) would I be subject to tax/self-assessment?
Posted Mon, 25 Mar 2024 11:12:19 GMT by HMRC Admin 32

No, as this is an inheritance.

Thank you.

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