UK Tax
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Answered in 29 minutes by:
12/15/2010
Sam, Accountant
Category: UK Tax
Satisfied Customers: 17,135
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
VerifiedHi
Thanks for your question
Other than Inheritance tax (which is dealt with by the estate of the deceased if it is due) there are no tax implications on you receiving this lump sum Inheritance. The only consideration you have, is any income that might be derived from this lump sum, such as interest - and its that income , that has a tax consideration but not the lump sum itself.
So it matters not where you bank it, just make sure you keep the paper trail of it being an Inheritance, should either HMRC or the French tax authorities ask after its origin.
Thanks
Sam
Thanks for your question
Other than Inheritance tax (which is dealt with by the estate of the deceased if it is due) there are no tax implications on you receiving this lump sum Inheritance. The only consideration you have, is any income that might be derived from this lump sum, such as interest - and its that income , that has a tax consideration but not the lump sum itself.
So it matters not where you bank it, just make sure you keep the paper trail of it being an Inheritance, should either HMRC or the French tax authorities ask after its origin.
Thanks
Sam
Hi
Thanks for your question
As already advised we are not French tax experts, but as this lump sum has not yet generated any income - you would report any income annually on your tax return - but whether the French tax authorities need to know about this new source of income as it starts to arise, is a matter you need to take up with the French tax authorities.
Thanks
Sam
Thanks for your question
As already advised we are not French tax experts, but as this lump sum has not yet generated any income - you would report any income annually on your tax return - but whether the French tax authorities need to know about this new source of income as it starts to arise, is a matter you need to take up with the French tax authorities.
Thanks
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 17,135
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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