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Where Taxpayers and Advisers Meet

Foreign insurance beneficiary

Conortoomey1980
Posts:1
Joined:Mon May 09, 2022 6:05 pm
Foreign insurance beneficiary

Postby Conortoomey1980 » Mon May 09, 2022 6:22 pm

We have recently had a passing of a parent in South Africa.
They had a relatively large life insurance policy. We don't want to keep the money in south africa and wondered if anyone knew
1.) Moving of money from international to UK from life insurance
2.) What the tax implications are of this.
We are both employed full time so are PAYE not self employed and do not do our own tax.

Please could anyone help.

Thanks

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Foreign insurance beneficiary

Postby maths » Wed May 11, 2022 4:51 pm

Presumably the policy proceeds payable on death fall into the deceased parent's estate an d distributed under the will (if any) or perhaps the policy was held in trust.

Either way, if you receive the proceeds qua will beneficiary or trust beneficiary no UK tax charge arises.

There may or may not be SA tax charges.


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