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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4199
Experience:  FCCA FCMA CGMA ACIS
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I am german and live in UK last 15 years, work here

Customer Question

I am german and live in UK for the last 15 years, work here and pay tax. I inherited some money in Germany and have the money which is taxed in Germany on my german bank account. I am planing to buy a house here in UK. I know already that I don't have to pay any tax here in UK because the inheritance tax was paid in Germany - but can I simply transfer a large amount - say 300.000 pounds equivalent - to my British bank account without running into trouble that the tax-office or the bank start thinking of money laundry? The bank here in UK told me to contact HMRC.....
kind regards
Reinhard
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
There are no tax implications in your bringing your inheritance to the UK. Under the UK taxation regime inheritance distributions are not taxed on beneficiaries, but on the estate of the deceased and paid by the executors or administrators before distribution.
However, as the sum is large you should advise your UK bank of its arrival to head off any money laundering inquiries the transfer may generate. You may ignore the advice you have received from your bank. There is no requirement to consult HMRC on the matter of this transfer. Should HMRC at some stage ask what such a large sum comprises you will have written evidence that the money is an inheritance and not taxable in the UK.
I do yope that I g=have been able to set your mind at rest on this matter.
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

many thanks for your answer. that will set my mind at rest on this matter.

kind regards ***** *****

Expert:  bigduckontax replied 2 years ago.

Thank you for your excellent support, Reinhard. I have some connection with Germany, my sister in law lives in Stuttgart.

Please note that the last line of my reply should have read:

'I do hope that I have been able to set your mind at rest on this matter.'