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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I am looking for advice on avoiding Inheritence tax.I am

Customer Question

I am looking for advice on avoiding Inheritence tax.
I am non resident for tax purposes and I live in the Philippines with my wife, she has a property there that we want to sell, and then I will retire to the UK with my wife ( who has a UK settlement Visa ) becoming resident and liable for Inheritence tax.
Can the proceeds from the sale of her house in the Philippines be kept outside the UK say in an offshore account ( or somewhere else that we can get hold of it that HMRC doesn't need to know about ) without HMRC having to be informed ?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello,
First let me say that there is nothing wrong with having accounts overseas as long as you declare all taxable income and gains on your UK tax return.
Income counts as 'overseas income' if it comes from outside England, Scotland, Wales and Northern Ireland this means any interest earned in a bank account too.
Overseas savings and investment income includes:
interest from overseas bank or building society accounts
dividends and interest from overseas companies
rent from overseas properties
Double taxation agreements usually set out a rate of tax (called 'withholding tax') that a country can charge on a UK resident on (for example) savings accounts.
If you are charged in another country then you would be allowed a credit for that tax on your UK return when you are resident again.
You must report your overseas income on the foreign pages of your tax return. So a short answer to your question would be no, unfortunately.

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