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Sam, Accountant
Category: Tax
Satisfied Customers: 14154
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Hello, I have a question regarding inheritance tax. I am a

Customer Question

Hello, I have a question regarding inheritance tax. I am a non-dom living and working in London since 2007. 2 years ago, following the death of my father (ItalXXXXX XXXXXving in Italy) I have inherited € 100k and I moved this money from his bank account in Italy to a bank account I have in Switzerland that I opened few years ago when I was working there. My question is: do I have to pay any tax in the UK if I transfer this money to the UK to clear my mortgage?

Many thanks,

Submitted: 4 years ago.
Category: Tax
Expert:  Sam replied 4 years ago.

Thanks for your question

No - you do not pay tax on the actual transfer, as this money it its own right is not treated as income, but if you have earned interest on this amount - since inheriting it, then this may need to be declared to HMRC.

Did this earn interest - if so how much in sterling and the dates interest paid, and have you declared this to HMRC? Or have you been requesting taxation under the remittance basis as a non domicile?