Inheritance

I inherited a lump sum from a deceased Uncle who was resident in the US. i received the payout through his solicitor that had finalised the trust and paid relevant taxes to US Government. I am self employed and so do I need to declare this inheritance sum as an income on my self assessment tax return and thus pay income tax on it?

Hi
You do not need to declare this sum.  Any interest dividends that your inheritance generate once you have received it, is taxable and should be reported to HMRC.

Can the spousal exemption for inheritance tax be used against foreign assets (property/bank accounts)?

Hi,

You need to contact our Inheritance Tax team via link below.

Inheritance Tax: general enquiries

Thank you.