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Where Taxpayers and Advisers Meet

IHT status as Uncle (US) has left me US$ ?

Tynecider
Posts:2
Joined:Mon Feb 19, 2018 9:02 pm
IHT status as Uncle (US) has left me US$ ?

Postby Tynecider » Mon Feb 19, 2018 9:22 pm

Hi, I'm wondering if someone has any information for the (fortunate) situation I find myself in please?

My Uncle who was a US citizen has left me US $.
It appears this comes from a number of accounts featuring 'Annuities' and 'Investments'.
I have been contacted by various companies who have asked me to fill in Claim Forms and also a W8-BEN form which appears to be to prevent money being withheld in the US for payment of US Federal and State taxes.
Thus, when I receive cheques from these companies I'm assuming the UK Tax laws prevail = what are these?
I'm led to believe that Annuities (if I'm a named beneficiary on death) is tax-free but the Investments are not so how much tax would I be liable for?

One extra query - I seem to be in contact with these companies directly but not via the Executor or Attorneys for the estate. Does this seem right or should those be aware of all assets/monies that my Uncle had so they can see exactly what comprises his estate and which are not (in terms of tax for example)?

I hope I've explained this enough to make it seem sensible (?).

Thank you so much for any help at all.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: IHT status as Uncle (US) has left me US$ ?

Postby AGoodman » Tue Feb 20, 2018 11:36 am

Others may be able to help more but I would suggest that step 1 is to ascertain exactly what you are receiving. If the companies can't help, speak to the estate attorneys, who should be able to explain what the sums are and how they arose.

A W8 does suggest income but it does not (necessarily) mean it would be treated as income here.

I suspect these payments are outside of the estate but again the attorneys could tell you.

Tynecider
Posts:2
Joined:Mon Feb 19, 2018 9:02 pm

Re: IHT status as Uncle (US) has left me US$ ?

Postby Tynecider » Tue Feb 20, 2018 7:40 pm

Thanks Goodman. Much appreciated. I'm contacting the estate Attorneys to establish if they are fully aware of these company/accounts, to find out exactly what type of accounts they are and, of course, the values. Once I get an answer, I may have to contact the Executor as well. Grateful for the feedback.


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