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I'm a Austral***** *****ving and residing in the U.K. Have

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Hello, I'm a Austral***** *****ving and residing in the U.K. Have been for decades. Some Australian relatives have passed away recently and I've been left with a share of a couple of estates. This includes a share in two of their houses. I understand their is no inheritance tax in Australia, but there is in the UK. What sort of complications will arise from me receiving a fairly reasonable amount of money and transferring it into my UK accounts?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloThere is an Inheritance Tax in the UK but that would be on an estate that was subject to UK tax law. The estate of the person who died usually pays Inheritance Tax. You may need to pay Inheritance Tax if the estate can’t or doesn’t pay it. If the deceased estate was not taxable in the UK then your inheriting would not be taxable.You don’t usually pay tax in the UK on anything you inherit at the time you inherit it.You may need to pay:Income Tax on profit you later earn from your inheritance, eg dividends from shares or rental income from a propertyCapital Gains Tax if you later sell shares or a property you inheritedInheritance TaxYou are required to click a positive rating if I am to be credited with the response.
Customer: replied 1 year ago.
Would I have to pay capital gains tax if the Australian property was sold and the money moved to the UK?
Expert:  TaxRobin replied 1 year ago.
HelloIf you inherit property and then sell yes, you will pay CGT on the gain.
Customer: replied 1 year ago.
Also the properties were bought before Australian capital gains tax was brought in. Does that still count?
Expert:  TaxRobin replied 1 year ago.
Yes because you inherited after. This is UK law not ATO.
Customer: replied 1 year ago.
Okay, you've been very helpful so far. Any idea how I could work out the sort of capital gains tax I would have to pay?
Expert:  TaxRobin replied 1 year ago.
That is beyond the subject of your original question. Per site rules you are supposed to complete this thread (rate) and then post your new question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15016
Experience: International tax
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