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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6386
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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Inheritance Tax Matter I am a UK Citizen and officially a UK

Customer Question

Inheritance Tax MatterI am a UK Citizen and officially a UK tax dad was an Iranian national with no ties to the UK and he passed away 4 years ago. He had a bank account in Germany which following his death was transferred over to one of my brothers on a power of attorney basis and we haven't taken any money from that account since.
The total amount of money in that bank account is more than £325k, however, my share of the funds is much less.
I'm looking to have £215k transferred to my UK bank account so I can purchase a property here in the UK.
I just wanted to double check that I'm not going to be subject to any IHT, given that my dad wasn't a UK Tax payer?
Submitted: 4 months ago.
Category: Tax
Expert: replied 4 months ago.

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

Expert: replied 4 months ago.

Thank you for your question.

As your dad was a Foreign National with no ties to the UK and the bank account was held outside the UK, his wealth outside the UK is out of scope of UK inheritance tax purposes.

You as a beneficiary would receive your share free of any UK tax and you don't have to report it on your tax return.

You are advised to notify your UK bank of impending remittance of funds into your bank account to comply with anti money laundering regulations.

My aim is to give you a professional service. I hope this is helpful and answers your question.

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Expert: replied 4 months ago.

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

Many thanks