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Probate - overseas sale of property after 6 Years

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.   

Comments

  • km1500
    km1500 Posts: 2,790 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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?
  • Biggie
    Biggie Posts: 370 Forumite
    Part of the Furniture Combo Breaker
    It belonged to my uncle and then eventually the paper work was resolved and my father correctly name followed by the children
  • Savvy_Sue
    Savvy_Sue Posts: 47,881 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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 mind
  • km1500
    km1500 Posts: 2,790 Forumite
    1,000 Posts Second Anniversary Name Dropper
    "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?
  • Biggie
    Biggie Posts: 370 Forumite
    Part of the Furniture Combo Breaker
    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 ? 
  • user1977
    user1977 Posts: 19,604 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    It depends on the laws of the mystery overseas country where the property was.
  • km1500
    km1500 Posts: 2,790 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 27 January 2024 at 1:49AM
    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. "
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