inheriting money

LouisT_45

If my Spouse inherits money from a land sale in SE Asia and the money is paid into a UK account is she laible for tax?

tacpot12

She is not liable to any tax when it is paid to her. Depending on what she does with the money, UK tax may become due on it in future. It will help if she can get a copy of any documents that show the source of the money and whether any tax has been paid on the money in the country it is coming from. Getting these translated into English would also help. There will be questions about where the money has come from, so she needs to be ready to answer these questions.  

oldbikebloke

what you do mean by "inherit"?
was the land being sold already in her personal name? yes or no?
if yes, then as a UK tax resident she may be exposed to capital gains tax on the diffidence between the value when she inherited it and when she sold it.
if no, then when someone died and she inherits money from their estate, there is no tax on inheritance for the person receiving the money. 

if someone sold land whilst still alive and gave the money to wife, again, no UK tax since there is no tax on monetary gifts in the UK 

the tax position for the person making the gift (or dying) is a separate matter and depends on the rules in the country they are/were resident for tax purposes.

LouisT_45

Parents will sell the land in SE Asia.
Money gets divided amongst Family members.

MovingForwards

LouisT_45 said:

Parents will sell the land in SE Asia.
Money gets divided amongst Family members.

So it's a monetary gift, not inheritance.
Inheritance is when someone has died and left something to someone.

LouisT_45

yes a money gift-what are the implications?

MovingForwards

LouisT_45 said:

yes a money gift-what are the implications?

None to the person receiving it, unless it takes them over the inheritance tax threshold and they die.

oldbikebloke

LouisT_45 said:

yes a money gift-what are the implications?

already answered in my first post 

oldbikebloke said:

if someone sold land whilst still alive and gave the money to wife, again, no UK tax since there is no tax on monetary gifts in the UK