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Where Taxpayers and Advisers Meet

Inherited money in Japan

Posts: 1
Joined: Mon Nov 26, 2018 1:33 pm

Inherited money in Japan

Postby popmonk » Mon Nov 26, 2018 1:53 pm

I have been a resident in UK for almost 20 years and I inherited some money from my father in Japan earlier this year.
My father never lived in UK nor visited UK and he was a Japanese. I paid inheritance tax in Japan earlier this year and the rest of the money has been in my account in Japan and I have no plan to transfer the money to UK at the moment.
In this case, do I need to pay any tax to UK? I was a homemaker during 2017-2018 tax year and no income but I am wondering if I need to fill in tax form because of the inherited money.

Any advice would be much appreciated.

Posts: 4280
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Inherited money in Japan

Postby pawncob » Tue Nov 27, 2018 4:18 pm

No UK tax is due on inheritances from abroad.
Tax will only arise when you gift the money to someone else if the gift exceeds the lifetime gift allowance.
With a pinch of salt take what I say, but don't exceed your RDA

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