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Tax on overseas bequest
WAC79
Posts: 2 Newbie
Hi
A very dear Australian friend died last year and has left me around £100k. Although he was born in Australia, he had dual UK and Australian citizenship because of his parentage. Does anyone know if this inheritance will be taxable in the UK? Thanks.
A very dear Australian friend died last year and has left me around £100k. Although he was born in Australia, he had dual UK and Australian citizenship because of his parentage. Does anyone know if this inheritance will be taxable in the UK? Thanks.
0
Comments
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He was resident in Australia, made his will under Australian law and had no UK assets?
His executor will deal with any tax implications that there may be in Australia - there would be no tax for you to pay on the cash when you receive it in the UK.
https://csf.com.au/news/inheritance-and-estate-tax-australia#:~:text=Australia is an outlier, in,exempt from any direct tax.
If you save/invest the money and receive interest/ dividends etc, there may be tax to pay depending on your personal position.0 -
Thanks very much for this and the extremely useful link.1
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