Hi
My wife is Australian and we have been living together in the UK since 1997. She has an Australian passport but I assume that she would be regarded as domicile in the UK because she has been permanently resident here for so long and we have two adult children who were brought up in this country. My wife is a beneficiary in her mother's will. Her mother is of Hungarian descent but has lived in Sydney since she was a teenager and I therefore assume that she would be deemed domicile in Australia. Her primary asset is her main residence and she has no assets in the UK. The proceeds of any sale would be distributed between my wife and her sister (who lives in Australia).
As far as I am aware Australia has no Inheritance Tax so I'm guessing nothing significant will be deducted from my wife's share before it reaches the UK. I have read elsewhere, however, that CGT may apply in the UK. If so, would I be right in thinking that CGT would only apply to any growth in the property's value between the date of her mother's death and the date of the final sale?
If I have missed anything fundamental in terms of nasty surprises if/when this inheritance becomes a reality, I'd be grateful to hear details.
Many thanks in advance.
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