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bigduckontax
bigduckontax, Accountant
Category: Tax
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I have inherited from my father a sum of money sent to me

Resolved Question:

I have inherited from my father a sum of money sent to me from the lawyer handling his estate.
I am non resident in UK and pay my taxes in Sweden.
The money was held in trust, until the accupant died earlier this year, since my father died 1976.
Can you advise if I have to pay CGT on my share,which has already been transferred to my Bank in Sweden
Can you advise please
Submitted: 1 month ago.
Category: Tax
Expert:  bigduckontax replied 1 month ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Was your father resident in the UK?

Customer: replied 1 month ago.
Customer: replied 1 month ago.
I do not want to pay more so please E mail me
Customer: replied 1 month ago.
Do you agree please
Customer: replied 1 month ago.
My e mail is***@******.***
Expert:  bigduckontax replied 1 month ago.

Legacies from deceased persons in the UK are paid out by executors or administrators after Inheritance Tax (IHT), if any, has been agreed and settled with HMRC. The legatee receives this money tax free. The same would apply to any trustee distribution, any applicable CGT on the trust would alredy have been settled.

Sweden ended inheritance taxes in 2005. Unlike the UK the yield was minimal which prompted its abolition.

I do hope that you have found my reply of assistance.

Customer: replied 1 month ago.
Many thanks.Does this mean I do not have to pay CGT?
Expert:  bigduckontax replied 1 month ago.

Correct, as far as the UK is concerned you have made no capital gains.

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Expert:  bigduckontax replied 1 month ago.

Thank you for your support.