We have recently received an inheritance from a relative in the US. The deceased had no ties to the UK, and all assets were in US, so no inheritance tax was owed.
Part of the overall inheritance was generated through the liquidation of the estate, and as generated a US K1 1041 form (detailing the beneficiaries share of estate in the form of interest, Ordinary Dividends and Other portfolio)
Can you confirm if and how this needs to be reported on SA? Or would it be included as part of the inheritance.
If this does need to be reported, can you confirm if we can claim tax credit against the amount paid to the IRS?
For Clarity: Dual Citizen, residing in UK.