Inheritance coming from abroad?

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
Hi all - can anyone advise me on this one please. New Client is expecting an inheritance of around 20k from the sale of an inherited house abroad which has been divided amongst 5 siblings.

What are the tax implications of this as he wants to use the money as capital introduced into his new business.

Any advice greatly appeciated thanks.
Edwina

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Inheritance coming from abroad?

    Providing that death tax duties have been paid in the overseas country and that country has reciprical tax arrangements with the inland revenue, I can not see any problems.
    We have a similar case, with funds coming from S.Africa and this is what we have advised our client.
    Regards
    Peter
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Inheritance coming from abroad?

    Thanks Peter. Any money due would be paid in France anyway. I was just unsure of the UK tax implications.

    Thanks for your help
    Edwina

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