Inharitence money from land sell

Ron12

My dad is not a uk domicile and stayed outside uk. I am going to get £300k from a land sell which was part of my inheritance from my dad. The cost of land has not changed much after we got the land as an inheritance.
So what would be the best way to get the money in uk/ what would be the tax on the money.
As I have not earned anything from the land as the value did not move that much.
Please advice

dzug1

There would be no UK tax on the capital sum - only on the interest after you have invested it

There might be tax in the country where the land was situated/your father lived

A currency broker would be the best way of getting it here.

antrobus

If your father is neither a UK resident nor has UK domicile, and is the current owner of the land, then what, if any, tax is due on the sale of the property would be down to him and the jurisdiction in which he resides. ( Or possibly the jurisdiction where the land is located.)

There is no tax payable on gifts in the UK. So if he wants to give you £300k, he can give you £300k, and just transfer the money through the banking system as per normal. Your bank in the UK might ask you some questions about the source of these funds (money laundering you understand.)

Ron12

Hi , my dad past away few years back and has left some inheritance for me and the land is one of them, so when we will sell the land my portion will be 300k, which I want to bring it here.

sleepless_saver

antrobus wrote: »

If your father is neither a UK resident nor has UK domicile, and is the current owner of the land, then what, if any, tax is due on the sale of the property would be down to him and the jurisdiction in which he resides. ( Or possibly the jurisdiction where the land is located.)

There is no tax payable on gifts in the UK. So if he wants to give you £300k, he can give you £300k, and just transfer the money through the banking system as per normal. Your bank in the UK might ask you some questions about the source of these funds (money laundering you understand.)

I thought this was an inheritance rather than a gift, in which case the tax liability will depend on the laws in the country his father lived in and any agreements it has with the UK. This one's a case for specialist tax advice rather than an internet forum.

dzug1

Ron12 wrote: »

Hi , my dad past away few years back and has left some inheritance for me and the land is one of them, so when we will sell the land my portion will be 300k, which I want to bring it here.

Who is we? Who owns the land now? That could make a big difference to the answer. If you already own the land then there's the possibility of capital gains tax when you sell it which is not the case should your father's estate sell it.

You definitely need specialist advice - and make sure you give them ALL the facts or you'll mislead them into getting it wrong.

antrobus

sleepless_saver wrote: »

I thought this was an inheritance rather than a gift, in which case the tax liability will depend on the laws in the country his father lived in and any agreements it has with the UK. This one's a case for specialist tax advice rather than an internet forum.

The OP's use of the present tense "My dad is not" rather implied that dad was still living. If the father is now deceased then (as far as any sale of the land is concerned) it probably doesn't matter which country he lived in prior to, or at the time of his death, although it might well matter in which jurisdiction the land is located.

The general rule would be that the OP acquired the land at a cost equivalent to whatever was the valuation of said land at the time of the father's death. Whether or not the sale of the land would now result in any CGT being payable would depend on what the OP means by "not changed much" and whether by "we got the land" they mean that they share ownership with other individuals.

Ron12

In the case of if some leaving relative gives me a sum of cash as a gift which is under the threshold of inharitence £325k, my relative is not uk domicile.
What would be the implication then, would I get any tax on monetary foreign cash gift?

dzug1

Do you mean living relative?

If you do then tax will be levied where the relative is domiciled if that jurisdiction operates a gift tax. No UK tax.

If you really mean leaving relative I don't know what that is.