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Where Taxpayers and Advisers Meet

UK Beneficiary of US Life Insurance Policy

cookie13
Posts:1
Joined:Fri Apr 02, 2021 9:59 am
UK Beneficiary of US Life Insurance Policy

Postby cookie13 » Fri Apr 02, 2021 10:11 am

Good Morning,

My father has recently been diagnosed with a terminal illness and is trying to plan his estate before he passes.

I am a UK citizen living in the UK. He is a US citizen living in the USA.

I am named as the beneficiary of a life insurance policy that pays out when he dies. It's a US policy. Life insurance pay outs are free from tax in the USA.

Will I have to pay any tax in the UK when this policy pays out?

I really appreciate your help, I can't find an answer to this anywhere.

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