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Probate - overseas sale of property after 6 Years
Biggie
Posts: 370 Forumite
hi,
my father passed away 6 years ago probate was dealt with and done. No IHT tax was due
We are now receiving a small sum 12.5k from a sale of a property from overseas it was the family home abroad. It was never declared because it was never a consideration it would be inherited or sold technically at the time due to bad paper work it wasn't even in my father's name.
Can this still be declared under IHT form / probate ?
Or do I just declare it as under capital gains it would be except anyway due to CGT threshold.
my father passed away 6 years ago probate was dealt with and done. No IHT tax was due
We are now receiving a small sum 12.5k from a sale of a property from overseas it was the family home abroad. It was never declared because it was never a consideration it would be inherited or sold technically at the time due to bad paper work it wasn't even in my father's name.
Can this still be declared under IHT form / probate ?
Or do I just declare it as under capital gains it would be except anyway due to CGT threshold.
0
Comments
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if it wasn't in your father's name then it didn't belong to him so of course it wouldn't be subject to inheritance tax when he died
who did own it? if it wasn't you then is this other person gifting the proceeds to you?0 -
It belonged to my uncle and then eventually the paper work was resolved and my father correctly name followed by the children0
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My inexpert feeling is that if it wasn't part of his UK estate, then it depends on the rules where the property was, as presumably it has passed to you under their rules. On that basis, I'd expect the property to come to you AFTER any tax has been paid, but you might want to check.
You might need to explain the source of funds when the cash hits your bank account.Signature removed for peace of mind0 -
"and then eventually the paper work was resolved and my father correctly name followed by the children"
I don't know what this means
Did your father own the property when he died and if not then who did?0 -
Yes for simplicity he owned the property and now it's been sold after 6 years.
It was never declared on probable so where do we stand ?0 -
It depends on the laws of the mystery overseas country where the property was.0
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what does "for simplicity" mean and how does it relate to "due to bad paper work it wasn't even in my father's name. "0
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