How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15452
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

I've been recently given inheritance money of about 260,000

Customer Question

Hi,
I've been recently given inheritance money of about 260,000 GBP from Iran.
My question is what is the procedure of bringing this fund to the UK and how much tax would I have to pay for this inheritance money.
Thanks,
James
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.

Hello

If the deceased's permanent home (‘domicile’) was abroad, Inheritance Tax is only paid on their UK assets, eg property or bank accounts they had in the UK.

It’s not paid on ‘excluded assets’ like:

  • foreign currency accounts with a bank or the Post Office
  • overseas pensions
  • holdings in authorised unit trusts and open-ended investment companies

Beneficiaries (the people who inherit the estate) don’t normally pay.

Income Tax on profit you later earn from your inheritance is taxable to you.

Have your bank handle the transfer.

Related Tax Questions