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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4100
Experience:  FCCA FCMA CGMA ACIS
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Dear Sirs,I have the following question on behalf of my 2

Customer Question

Dear Sirs,
I have the following question on behalf of my 2 grand daughters who have dual nationality, British and Italian. Both are students, one in an Italian University and the other is a student in photography in Italy as well. Both are not UK Residents for tax purposes because their mother who lives also in Italy, pays their studies. All live in Italy.
Their grand grand mother who lived in Lima Peru, now deceased, instructed
her son and daughter that when she dies the proceeds of any sale should be distributed
among the 2 grand daughters, as donation or a present.
The soonest the property is sold the proceeds will be transferred to an account of
one of the grand grand daughter's held in UK. She is having a Bank account here as well
because she studied here. Upon the funds are received, the grand grand daughter herself or by her joint account holder for security purposes, will transfer the whole amount of the proceeds or part of it to Italy for the purpose
of paying her continuing her studies.
The grand grand daughter beneficiary will certainly have to inform and declare to the Italian Tax Authorities the receipt of the funds as present or donation to be sent from
Peru but via a UK bank first.
THE QUESTION NOW ARISES, SHOULD THE BENEFICIARY grand daughters are liable
to pay any taxes in UK, because as far as my daughter's investigation, they do not
pay any taxes in Italy.
Your kind reply will be greatly appreciated and kindly let us know your fees involved
for your expert advice.
Thank you
Constantine xxxxxxxxxxxxxx
GRAND GRAND DAUGHTER WILL HAVE ALSO TO NOTIFY THE UK INLAND REVENUE?
THANK YOU FOR YOUR
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello Constantine, I am Keith and pleased to be able to help you with your question. The receipt of moneys as a beneficiary of a will is outside the scope of UK taxation and does not have to be declared to HMRC. The Inland Revenue was amalgamated with HM Customs and Excise into HMRC some years ago. If the funds are to be paid to an UK account and the amount substantial it is adviseable to warn the bank of incoming funds and their source to ward off any money laundering inquiries. I do hope my reply has been of assistance to you. There is no additional fee to pay, it is included in what you have already paid Just Answer.
Customer: replied 2 years ago.
The rate of expert is 10/10 thank you
Expert:  bigduckontax replied 2 years ago.
Delighted to have been of assistance.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.