Hello,
I am a French citizen working and living in the UK. My mother died a few months ago and after dealing with a solicitor in France her small estate has been divided between my sisters (all living in France). It is not a lot of money, just a little over 6,000 euros each. Nothing else, no property, or shares, etc. The value was below the threshold so no taxes are payable in France.
My share is soon to be transferred onto my (only) UK bank account where it will be converted in Sterling pounds.
I understand I don't need to pay taxes on this inheritance money? Am I correct? Do I still to declare it to HMRC?
How about if I use the money to go towards a deposit to buy a flat? What are the consequences then? I don't see how I would be deriving an income from that? E.g. if I rented out a room, maybe then? It doesn't seem to make sense to me if the invested money is such a small percentage of the total purchase.
Sorry, I'm not sure if I'm making sense. Hopefully someone can shed light on this for me.
Thanks!
M
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