UK Finance (uk.finance) Discussion about Finance issues in the UK.

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Old March 6th 17, 06:03 AM posted to uk.finance
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Default IHT - Foreign Assets

I am a UK resident and taxpayer. My parents are not UK citizens, do not
live in UK, and do not own any assets in UK.

My question is, if I inherit their assets (all outside UK) in future, am I
liable for any UK inheritance tax?

Thanks in advance.


Cheers,

TG



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Old March 6th 17, 09:17 AM posted to uk.finance
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Default IHT - Foreign Assets

On 06/03/17 07:03, tg wrote:
I am a UK resident and taxpayer. My parents are not UK citizens, do not
live in UK, and do not own any assets in UK.

My question is, if I inherit their assets (all outside UK) in future, am I
liable for any UK inheritance tax?


Whilst I personally think the answer to the implied question is obvious,
I don't have enough certainty to give a definitive answer, so I would
suggest asking HMRC.

However, I would point out that inheritance tax is a tax on the
deceased, not the beneficiaries. The only time that money is extracted
from people other than the deceased is when lifetime gifts that are
still taxable cause the tax liability to exceed the value of the estate.

If UK inheritance tax were payable, the identity of the other country
could be important, because there may be anti-double taxation provisions.

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Old March 6th 17, 09:21 AM posted to uk.finance
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First recorded activity by FinanceBanter: May 2012
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Default IHT - Foreign Assets

On 06/03/2017 07:03, tg wrote:
I am a UK resident and taxpayer. My parents are not UK citizens, do not
live in UK, and do not own any assets in UK.

My question is, if I inherit their assets (all outside UK) in future, am I
liable for any UK inheritance tax?


No - if they have not lived in the UK in the past.

But you shouldn't trust me - or any other stranger - on the internet on
such an important matter. So have a look at:

https://www.gov.uk/inheritance-tax/w...de-the-uk-dies

which includes:

"If your permanent home (‘domicile’) is abroad, Inheritance Tax is only
paid on your UK assets, for example property or bank accounts you have
in the UK."



--
Robin
reply-to address is (intended to be) valid
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Old March 7th 17, 06:51 AM posted to uk.finance
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First recorded activity by FinanceBanter: Oct 2008
Posts: 22
Default IHT - Foreign Assets

Thanks very much guys. You've been most helpful!

Cheers,
TG


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Old March 7th 17, 12:50 PM posted to uk.finance
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Default IHT - Foreign Assets

On Mon, 6 Mar 2017 10:17:04 +0000, David Woolley
wrote:

On 06/03/17 07:03, tg wrote:
I am a UK resident and taxpayer. My parents are not UK citizens, do not
live in UK, and do not own any assets in UK.

My question is, if I inherit their assets (all outside UK) in future, am I
liable for any UK inheritance tax?


Whilst I personally think the answer to the implied question is obvious,
I don't have enough certainty to give a definitive answer, so I would
suggest asking HMRC.

However, I would point out that inheritance tax is a tax on the
deceased, not the beneficiaries. The only time that money is extracted
from people other than the deceased is when lifetime gifts that are
still taxable cause the tax liability to exceed the value of the estate.

If UK inheritance tax were payable, the identity of the other country
could be important, because there may be anti-double taxation provisions.


Could repatriating those foreign assets back to the UK incur any kind
of tax liability?


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Old March 7th 17, 03:12 PM posted to uk.finance
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First recorded activity by FinanceBanter: Apr 2016
Posts: 13
Default IHT - Foreign Assets



"Michael" wrote in message
...
On Mon, 6 Mar 2017 10:17:04 +0000, David Woolley
wrote:

On 06/03/17 07:03, tg wrote:
I am a UK resident and taxpayer. My parents are not UK citizens, do not
live in UK, and do not own any assets in UK.

My question is, if I inherit their assets (all outside UK) in future, am
I
liable for any UK inheritance tax?


Whilst I personally think the answer to the implied question is obvious,
I don't have enough certainty to give a definitive answer, so I would
suggest asking HMRC.

However, I would point out that inheritance tax is a tax on the
deceased, not the beneficiaries. The only time that money is extracted
from people other than the deceased is when lifetime gifts that are
still taxable cause the tax liability to exceed the value of the estate.

If UK inheritance tax were payable, the identity of the other country
could be important, because there may be anti-double taxation provisions.


Could repatriating those foreign assets back to the UK incur any kind
of tax liability?


after they have been inherited?

no

be prepared for the third degree over money laundering regs - make sure to
keep all the relevant paperwork

tim









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