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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15328
Experience:  International tax
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I am a Canadian citizen born in Canada. An individual

Customer Question

I am a Canadian citizen born in Canada. An individual sharing my surname and birthplace died in UK
leaving estate monies to me.The estate is a large British Pound amount.Could you outline tax implications and costs. The inheritance tax is 40%?? I would like to
move cash monies to Canada if possible.Any tax implications???
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloIf the deceased is deemed domiciled in the UK, their estate has to pay UK Inheritance Tax on all their assets.Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than £325,000 when they die. This is called the ‘Inheritance Tax threshold’. The estate pays the 40% in the UK not the beneficiary.In Canada, there is no inheritance tax. Canada does not have a death tax or an estate inheritance tax. In Canada, no inheritance tax is levied on the beneficiaries; the estate pays any tax that is owed to the government and only if the deceased was a Canada domiciled resident.If someone contacted you and is requesting tax to send the money from this estate tell them to follow UK law and take it from the estate.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
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