Hello,
Under the following situation:
- Individual who deceased lived abroad and was not domiciled in the UK
- Individual receiving an asset as inheritance lives and is domiciled in the UK
The probate in the country of the deceased individual is judicial, where the courts need to approve the division of the estate between the beneficiaries. Until then, it is not certain which part of the estate will be inherited by whom. This can take several years.
Say date of death is X, date the court approves the division of the estate Y.
The beneficiary domiciled in the UK receives the asset, as valued in the probate in the local currency.
When selling this asset, the cost of the acquisition as I understand will uplifted to the "transfer date". From the perspective of HMRC, is that date X or Y?
My question is related to the exchange rate one would have to use when converting to the GBP.
Many thanks!
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