reenajoshi1984

Hi, My grandfather, who is a foreign citizen and foreign resident, opened a trust fund with a company in Switzerland a few years ago, with myself listed as a beneficiary. He is the only trustee of this fund. This foreign trust fund did NOT make any income/gains (in fact the trust fund actually made a small loss). He has since passed, and this non resident trust fund was closed last year and my share of the monies were transferred to my UK bank account from the trust fund company in Switzerland. Therefore the transaction listed on my UK bank account is listed as money coming in from a foreign bank account (Switzerland). I have read on these forums that transferring bank capital from abroad to a uk bank account do NOT have income tax implications nor does receiving money from overseas relatives. As the money from this foreign trust fund, set up by my foreign citizen grandfather (aka my overseas relative trustee), that did NOT make any income/gains, came into my UK bank account as a foreign bank transaction (aka capital from abroad) would I be subject to tax/self-assessment?

Hi, My grandfather, who is a foreign citizen and foreign resident, opened a trust fund with a company in Switzerland a few years ago, with myself listed as a beneficiary. This foreign trust fund did NOT make any income/gains (in fact the trust fund actually made a small loss). He has since passed, and this non resident trust fund was closed last year and my share of the monies were transferred to my UK bank account from the trust fund company in Switzerland. Therefore the transaction listed on my UK bank account is listed as money coming in from a foreign bank account (Switzerland). I have read on these forums that transferring bank capital from abroad to a uk bank account do NOT have income tax implications nor does receiving money from overseas relatives. As the money from this foreign trust fund, set up by my foreign citizen grandfather (aka my overseas relative) that did NOT make any income/gains came into my UK bank account as a foreign bank transaction (aka capital from abroad) would I be subject to tax/self-assessment?