I have recently been informed i am the sole benefactor and have been willed a large sum of money from Japan. From a UK national but has lived over there for many many years, possibly 50 years and has had no immediate family as never married and has no children. its very early staged as i've only just been informed but could be in the region of over 1 Million US Dollars they say!! Not sure if this is correct, might be lost in translation but if true Do i pay inheritance tax or capital gains if its transfered into my bank? and do i pay tax if i share it out with family? who do i need to inform (hmrc) if anyone? other than my surprised bank!
The money has been left by my relative. Although a distant one he has no other immediate family and i was contacted by a woman, head of overeas at bank called Kito-Nippon, via fax and e-mail, who hold the estate stating he left my full name and address to contact. Also they have asked me to attend a meeting over there to finalise funds or they will appoint a local attorney the bank uses to do it on my behalf if i cant attend. Does this sound like a scam? they have not asked me for any bank details. I did not even know of his death. It does sound surreal and i've not got to terms with it yet. I read yesterday that inheritance tax is 40% and if all came good wondered if i lose that amount?
The situation has moved on. An attorney has been appointed for me by the bank. He has nearly finalised details after two signing sessions with the bank for release of inheritance.. However a FEAC foreign exchange has not been paid. The original funds were transfered from one bank to current bank called Kita-Nippon Ltd and was converted from japanese Yen into US Dollars. There is a 1% conversion charge which was not paid at the time which they are asking me to pay before release of funds. They say they cannot deduct this amount from funds.