I'd be very grateful of any help on this.
My wife received an monetary inheritance from her father's estate in December last year. No IHT is paid in Australia and the amount paid to my wife is less than the IHT threshold in the UK - I understand she should not have to pay any IHT. All funds and property that made up the estate were in Australia. Although born in the UK, her father has been domiciled / resident in Australia for the last 40 years.
No bank interest / profit was gained through the estate assets prior to disbursement or since my wife's inheritance since it was paid to her.
Does her inherited amount need to be declared in her self assessment return? Is it just for any interest on the amount? I believe the return form may be SA107 (Trusts) - if she needs to declare it...
Many thanks.
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