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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15589
Experience:  International tax
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Good afternoon: I am a foreigner and live abroad. I have however

Customer Question

Good afternoon: I am a foreigner and live abroad. I have however inherited a sum of money frozen in a dormant account in a UK bank (International Branch). Am I supposed to pay Inheritance Tax in the UK as I reclaim the money ? Thanks in advance, Ragnar
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloGenerally inheritance tax is paid by the executor using funds from the estate of the deceased. Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than £325,000 when they die. If you’ve received an inheritance, you usually don’t pay Inheritance Tax. If the will says the Inheritance Tax should be paid out of the assets you’ve inherited, the executor of the will or administrator of the estate will usually pay it.
Customer: replied 1 year ago.
Thanks. The sum is below the metioned amount. Ragnar
Expert:  TaxRobin replied 1 year ago.
You are most welcome.My goal is to give you excellent service.Your positive rating is thanks enough.Rating lets Just Answer know you were assisted and credits me for my time.