inheriting money from abroad

[Bgood]

My wife (UK citizen) has inherited in the region of £13000 from her uncle, who was an Irish citizen domiciled in Ireland. He died without a will and therefore this went through the due legal process in Ireland before the money was released. My wife had to sign a form stating that she was not domiciled in Ireland and so not required to pay Irish tax. Is she liable for any taxes in the UK? Does she have to report this money to Inland Revenue for income tax purposes?

[Taxbar]

NO,
only if produces income or gains once received.
It is advisable to keep documentation just to prove the source of the money, if ever queried.

Daniel M Feingold
Barrister-at-law (NP)
Strategic Tax Planning
International & UK Tax Consultants
E-mail: info@stratax.co.uk

[Bgood]

Many thanks for your help. I shall keep the documentation as you advise.

[DianeOffutt]

Here is the scenerio: Daughter resides in USA, her mom resideds in Hong Kong. Mom passes away leaving an estate to daughter of $80,000 US dollars. I know US has no inheritance tax. Does Hong Kong impose an inheritance tax to the daughter who will take that money out of Hong Kong? Any and all help will be greatly appreciated.

Diane Offutt
Woodstock, Georgia U.S.A.

[irisheyes]

Another scenario.
My wife is spanish but resident in the UK. She is self employed. A few years ago she inherited about £50,000 following the death of her mother. The money is is Spanish Bank accounts.
TWO questions.
1)Did she have to report this amount received to the inland revenue?
2) As the interest on the money is taxed in Spain through spanish tax channels is it still taxable here in the UK?
If it is, and she now declares it here in the UK does the Inland revenue have a right to backdate the tax?

[ovens@msn.com]

My wife has inherited $100.000.00 from deceased father in southern Ireland. Do I understand there is no Inheritance tax involved at this end (She US Citizen)

Should she have it paid in Euros or US Dollars at Irish end? or does it matter?

Thanks JoeW

[scotboy]

I am a UK citizen, now living in the USA. My father recently died and left me ~13000 pounds. There is no inheritance tax here in the US, and his estate was small enough to escape taxation in the UK. Does anyone know if I run into any tax problems bringing such a sum of money across the water to the USA? Or even somewhere to get such knowledge?

Thanks so much for your time....

Lachlan