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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am to receive an inheritance from my aunt who was domicile

Resolved Question:

HI
I am to receive an inheritance from my aunt who was domicile in switzerland. The inheritance is from what she owned in the Dutch bank account.
If i receive the money in my english bank account do i then need to pay taxes over this in the UK too?
The tax on this inheritance is already paid in the netherlands
Submitted: 12 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 12 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 12 months ago.

Thank you for your question.

As a recipient of a legacy, you don't have to pay any tax on it.. you would receive it free of tax.

You should however alert your receiving bank of the impending receipt to comply with money laundering regulations.

You would only pay tax on any gain you make on the money once invested and or any interest earned on it.

You don't report the inheritance on your tax return either.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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Expert:  taxadvisor.uk replied 12 months ago.

I thank you fo raccepting my answer.

Best wishes

Expert:  taxadvisor.uk replied 12 months ago.

Your reward of a bonus is greatly appreciated.

Many thanks