MunroMagic Slioch

Thanks and how do I ascertain if no IHT is due?

I may be a beneficiary of a pension fund / fixed annuity from USA - what are the tax implications for this for myself as a UK tax payer? My relative lived in UK for last 2 years of life but lived in USA for 50+ years prior to that and set up the fund there in USA to pass to beneficiaries after their death. I assume I pay income tax on it when the payments are transferred to UK (I would have to pay equivalent income tax on it in USA) but are there other tax implications? If I have to pay IHT as well as income tax this would amount to over 85% of the sum of the product? Does it depend on the type of product and if so, what would I need to ask to ensure it is considered appropriately? thanks