Taxes and new US assets

I've looked through the board, and can't find any similar situation - so, can anyone help?

Just recieved an inheritance circa USD200k.

Am a US born dual citizen, domiciled for tx in UK since 1987, and all income and assets are here.  Have not filed US tax return since I've emigrated (but only occasionally have breached the USD80k level).

Don't want to move the money to UK at current exchange rates, and may need it in US to help family there.

What are the tax implicationsin both countries?

thanks

jersey girl in london

www.irs.gov and www.inlandrevenue.gov.uk will be your best source of information. If you look hard enough you'll find what youre looking for. Calling the helplines is also a good idea - they can find the information a lot faster than you can and its all anonymous. You might want to hire a tax specialist

I have a pamphlet on inheretance from Lloyds TSB that came to me shortly after I opened my offshore account. I'll give it a look over and see if it has any useful information for you.

Basically, in the US and the UK, there are no immediate tax implications on an inheritance.  You may have some capital gains tax depending on the type of item, if you sell it, etc., but you would need to provide more info.

P.S. You need to start filing your US tax returns.