$91,000 inheritance from family property sold in Palestine, being sent to my father in the UK
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pftemp
Posts: 1 Newbie
in Cutting tax
Hey!
I was really hoping somebody could help point me in the correct direction or provide some advice at all.
My grandfather's property was recently sold in Palestine, and my uncle has the money in his account (he arranged sale, had his name on the documents etc). After splitting the money between family, my father is due to receive around $91,000.
Could anyone provide any help on what we need to be careful of, and the best ways to get this money to my Dad (UK bank account) without being gutted by fees, exchange rates and additional taxes please?
I'm assuming there'll be a fee for:
Another point that was brought up, is whether this can be classified as a gift? I see there's a £3000/year limit in the UK, but what about money from abroad?
I'd really appreciate any advice you can provide for us please
I was really hoping somebody could help point me in the correct direction or provide some advice at all.
My grandfather's property was recently sold in Palestine, and my uncle has the money in his account (he arranged sale, had his name on the documents etc). After splitting the money between family, my father is due to receive around $91,000.
Could anyone provide any help on what we need to be careful of, and the best ways to get this money to my Dad (UK bank account) without being gutted by fees, exchange rates and additional taxes please?
I'm assuming there'll be a fee for:
- Transferring from a Palestinian (or Jordanian) bank account to a UK Bank account
- Exchange rates from transferring from USD to GBP (I know these can be huge costs)
- Potentially some taxes for the money once it hits the UK? (not sure how that should be declared / avoid unnecessary fees?)
Another point that was brought up, is whether this can be classified as a gift? I see there's a £3000/year limit in the UK, but what about money from abroad?
I'd really appreciate any advice you can provide for us please
0
Comments
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Is an inheritance a gift? If it was an inheritance from the UK, for that amount there would be no tax.
Whatever the receiving bank charge in fees and whatever the exchange rate on the pertinent day is what your father will pay.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
I dont believe tax would be due as its a inheritance however a call to HMRC should clarify that part.0
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Any inheritance tax would be on the grandfather's estate. Unless he was resident in the UK no UK inheritance tax would apply.
Gift tax does not apply to your father as he is not gifting the money. He is receiving it. There is no tax on receiving a gift.
Income tax would be due on any taxable interest arising from investing the inheritance.
Your father's bank can advise on any charges they would apply.
It may be prudent to discuss the transfer with the bank to avoid your father's account being highlighted for fraud/money laundering.0 -
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It sounds as though granddad died possibly decades ago and that dad already owned his share. There will be UK CGT from the value at the date of death to the date of sale.0
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