RE: Tax on overseas inheritanceHi Admin, Do you mean that even if my father is not a UK resident (he is Hong Kong resident and lived in HK) and the apartment is located in Hong Kong, I still may subject to UK Inheritance Tax? Thanks
RE: Tax on overseas inheritanceHi Admin, Sorry that I still can't get any reply. Hope to hear from you soon. Thank you
Tax on overseas inheritanceI moved to the UK on a BNO visa for 1.5 years and I am currently an UK tax resident. My father is a Hong Kong resident who lived in Hong Kong (Non-UK resident) and recently passed away. My father has an apartment located in Hong Kong that I am set to inherit. 1. Do I need to pay any inheritance tax when I inherit the apartment? 2. If I don't need to pay inheritance tax, do I still need to inform HMRC when I inherit the apartment? 3. After I inherit the apartment, will I need to pay the Capital Gains Tax when I sell it? 4. Is the Capital Gains Tax calculated by subtracting the value of the apartment when he inherited it from the income he received from selling the apartment? Thanks you.