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Where Taxpayers and Advisers Meet

Transferring Inheritance to UK

CG
Posts: 183
Joined: Wed Aug 06, 2008 3:33 pm

Transferring Inheritance to UK

Postby CG » Mon Jun 15, 2020 12:24 pm

I have a new client from Ireland who has moved to the UK and is working here as a freelancer. She has asked me to do her freelance accounts, but has also asked a question about her inheritance which I don't have the answer to.

She inherited €350,000 and the Inheritance Tax has been paid on this in Ireland. She wants to move this money to her UK bank account.

Are there any tax implications in the UK for her doing this?

She moved to the UK in February 2017.

Many thanks

jerome.lane
Posts: 227
Joined: Mon Aug 12, 2019 8:41 am
Location: Sandhurst, Berkshire
Contact:

Re: Transferring Inheritance to UK

Postby jerome.lane » Thu Jun 18, 2020 5:49 am

There shouldn’t be any tax consequences unless the account with the inheritance monies also holds income or gains accrued since they became U.K. resident and your client is a remittance basis user.
Jerome Lane
Tax Adviser
Telephone: 07943 005902

CG
Posts: 183
Joined: Wed Aug 06, 2008 3:33 pm

Re: Transferring Inheritance to UK

Postby CG » Thu Jun 18, 2020 1:10 pm

Thanks Jerome for your reply.

My client is not a remittance basis user.

The inheritance was held in an account for 5 years by her guarantors until she was 25. It was released to her last month. Tax was paid on interest earned in those 5 years before it was released to my client.

So is it safe to say she can transfer it to the UK with no tax due on any of it.

Many thanks


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