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Posted Sun, 01 Sep 2024 19:30:01 GMT by acdjgs
I am a US citizen but UK resident. My grandparent died and his money and assets were put in a trust and I was one of the beneficiaries. He and all of the trustees have never lived in the UK and I did not live in the UK at the time of his death. I have since received inheritance from his monetary estate in the form of several small payments (less than £10k) and one lump sum payment, all to a US account during my UK residency. I have not transferred that money to the UK or used it it all. Am I still liable to pay UK tax on this money or is it classed as inheritance? If I were to transfer it to the UK for a deposit on a property would it then be taxed?
Posted Wed, 11 Sep 2024 08:42:42 GMT by HMRC Admin 17 Response

Hi ,
 
It is an inheritance and is not subject to UK tax. 

As it will be treated as capitl when tranferred to the UK, it will not be taxed .

Thank you .

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