Inheritance from abroad

bigpappa

Well my father will be receiving his share of his late fathers land - my father is a UK resident and national.

Its about £140k. It will be sent via bank account. How do we go about doing this correctly.

Do we inform the HMRC?

Linton

Dont inform HMRC - there are no tax issues. It may be prudent to inform the bank well beforehand and get their advice to minimise possible money laundering check delays.

Retired_Mortgage_Adviser

No need to inform HMRC. The bank may conduct AML checks of it's own so best to keep related paperwork handy if needed.

Generally speaking, if you receive an inheritance from abroad, UK inheritance tax is payable by the estate if:
- the person who died was resident (for tax purposes) in the UK
or

- the person who died left you assets within the UK (such as a property or a UK-based bank account for example).

From your post, none of these apply to your case.

bigpappa wrote: »

Well my father will be receiving his share of his late fathers land - my father is a UK resident and national.

Its about £140k. It will be sent via bank account. How do we go about doing this correctly.

Do we inform the HMRC?

bigpappa

The person who dies is not a UK resident and has never been one.

The land will parcels will be sold off and then once all the land has been sold will the proceeds be sent to my father.

However my father is old, would there be issues if he passes away before he receives the money? Should we ask for the money to be sent as and when the land sales occurs?

xylophone

However my father is old, would there be issues if he passes away before he receives the money?

The money would be due to your father's estate - the executor would open an executor's account once probate of his will was granted and money due to your father would be paid into it.