Inheritance from abroad

AKW

Hi, I have a few questions
1) I try to find out the rules about an inheritance I made from my German parents. I inherited 1/3 share of my parents home together with my siblings. We sold the house and I received my share of 86000 Euro 13 month after my father died. There is no German inheritance tax due. I am British and domiciled in the UK. Do I need to make any kind of declaration?
2)
in this place (I am not allowed to post the link) gov.uk/tax-property-money-shares-you-inherit/overview it says:
Tax on property, money and shares you inherit
You don’t usually pay tax on anything you inherit at the time you inherit it.
You may need to pay:
...
Capital Gains Tax if you later sell shares or a property you inherited
...
Question: What is later? Obviuosly we had to inherit the house before we could sell it.
My parents had lived in the house for over 20 years. Is the above rule relevant for my German inheritance at all?
3)
I now wish to make a variation of will and pass my inheritance on to one of my sons. (In German law there would also be no inheritance tax due if my late father had passed my share direct to his grandson). I read that by making a variation I can avoid for this inheritance to be added to my estate, and the 7 year rule as for a gift would also not apply. My son is using "now his" inheritance to buy a house. If my son would want to support me financially within 7 years, would that invalidate the variation for inheritance tax purposes and instead be called a gift with reservation of benefits?
Thanks for reading and your suggestions

Cook_County

Because Sterling has fallen, you have probably made a decent sixed capital gain. You will need to calculate the gain in Sterling to see what UK CGT might be.

AKW

Thanks for pointing that out to me. I haven't changed the funds yet, because £ was gaining again since the money arrived.

Keep_pedalling

Cook_County wrote: »

Because Sterling has fallen, you have probably made a decent sixed capital gain. You will need to calculate the gain in Sterling to see what UK CGT might be.

The OP is receiving his inheritance in cash from a foreign bank, there is no CGT to pay.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/192091/foreign_currency_bank_accounts.pdf

AKW

many thanks, I found all the answers now in an article in the FT, just in case someone else is searching, this is what I found out:
The UK does not impose any inheritance tax on receipt of a legacy from abroad is assumes that tax has alteady been paid by the estate of the deceased. Also since 2012 there is no longer a CGT liability arrising from exchanging foreign currency

getmore4less

We sold the house and I received my share of 86000 Euro 13 month after my father died.

When did he die?

If a DOV is possible it needs to be done within 2 years.

Keep_pedalling

getmore4less wrote: »

We sold the house and I received my share of 86000 Euro 13 month after my father died.

When did he die?

If a DOV is possible it needs to be done within 2 years.

This is a German will, so the OP would need to check that could be done under German law.

A simple alternative is the OP is in reasonable health and is not too old would be to gift the money to his son then take out term insurance that would pay the tax bill should he not survive the 7 year period.

Cook_County

Correct - but the acquisition exchange rate is the spot rate on date of inheritance and the sale exchange rate is the spot rate on the date of sale. This is likely to result in a gain.