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Where Taxpayers and Advisers Meet

Inheritance money from France

Mimiix
Posts:1
Joined:Fri Mar 29, 2019 3:26 pm
Inheritance money from France

Postby Mimiix » Fri Mar 29, 2019 3:39 pm

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

JRG
Posts:424
Joined:Wed Feb 03, 2010 4:40 pm

Re: Inheritance money from France

Postby JRG » Fri Mar 29, 2019 10:42 pm

There is no UK tax payable on your inheritance, there is no need to advise HMRC, and there are no restrictions on what you use the money for once it’s in your account.
UK tax would only be liable if your account paid interest and your total interest exceeded the savings interest allowance.


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