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Topic: Tax Accountant Recommendations needed– received US Inheritance  (Read 1169 times)

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Tax Accountant Recommendations needed– received US Inheritance
« on: February 27, 2018, 08:45:26 PM »
Does anyone have any suggestion for a specialized tax accountant who can assist with an inheritance a dual US/UK citizen non-dom UK resident received from a US citizen who did not live in the UK. 

Thanks in advance for your help!


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Re: Tax Accountant Recommendations needed– received US Inheritance
« Reply #1 on: March 01, 2018, 02:54:19 PM »
Unless something has changed, there's no UK tax on an inheritance you receive from someone in the US. All US taxes (if any) are paid out of the estate. The inheritance is not income. If there is an appreciable asset, there may be tax on the gain, but not the inherited amount.

Married December 1992 (my 'old flame' whom I first met in the mid-70s)
1st move to UK - 1993 (Letter of Consent granted at British Embassy in Washington DC)
ILR - 1994 (1 year later - no fee way back then!)
Back to US in 2000
Returned to UK July 2011 (Spousal Visa/KOL endorsement)
ILR - September 2011
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Re: Tax Accountant Recommendations needed– received US Inheritance
« Reply #2 on: March 01, 2018, 03:25:18 PM »
We are actually running into issues remitting the money and having trouble getting a straight answer from our current accountant.  We have been been told that all of the money we brought over (post US estate taxed) is subject to remittance.  Does this sound accurate or even possible? 

I can understand that any interest or gains are subject to remittance - but does HMRC consider all funds income.  For example - if one received an inheritance that was worth £100,000 (after all estate taxes have been paid) and £75,000 is brought into the UK.  Is one responsible to pay update to 45% tax on the entire £75,000?



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Re: Tax Accountant Recommendations needed– received US Inheritance
« Reply #3 on: March 01, 2018, 06:21:55 PM »
The UK tax position is as Vadio has said, namely the US inheritance is “clean capital”, which you may remit to the UK without UK tax consequences.

Have you been using the remittance basis for non-UK source income or gains? Perhaps someone advising you has misunderstood your situation. But the above is completely clearly the case.


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