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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13914
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am living and working in Saudi Arabia and inherited money

Resolved Question:

I am living and working in Saudi Arabia and inherited money from my parents' estate.
Do I have to pay tax on this?
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

HI

Thanks for your question

From where does the estate originate. how much have you inherited - and when did each of your parents pass away - and had the solicitor that is handling the estate cleared and Inheritance tax due to HMRC?

Thanks

Sam

Customer: replied 1 year ago.
Hi Sam,The estate was from Taunton in the UK.
My Dad died almost 4 years ago and my Mum in Jan 2015.
Probate was completed and tax paid on the estate and I received money in Sept and Nov 2015.
The total amount was £150,000.
Expert:  Sam replied 1 year ago.

Hi

Then there are no further Uk tax implications as the money is below the Inheritance ta threshold, and money inherited is not treated as income and therefore not liable to tax on its receipt.

Let me know if I can assist further, but if you have all that you need, then it would be appreciated if you would rate me for the level of service I have provided - or click accept

Thanks

Sam

Customer: replied 1 year ago.
Hi Sam,This is naturally very good news. Can I ask one more thing: should I declare the money on the Self Assessment form I am due to complete shortly.
Expert:  Sam replied 1 year ago.

Hi

No there is nothing to declare - as any tax that might have been due only fell under the Inheritance tax review, and has no bearing on your income tax position.

Of the capital you received, HMRC will only be interested in any income you make from this - so for example bank interest. or dividends is shares bought etc

Thanks

Sam

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