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Hello All, I am about to inherit approx. 150k Euros from…

Hello All, I am about to...

Hello All,

I am about to inherit approx. 150k Euros from my godmother (no direct relative), who was French and always lived in France.

I am French myself and i have been domiciled the UK for the last 13 years.

Inheritance is only a] savings and b] life insurance, no land or property.

The companies who hold the savings wrote to me that there are no tax to pay in France for the savings.

For the life insurance part, insurer made contact with the French taxman to see if there are any taxes to pay for this transfer. Insurer will first pay the French taxman if there are any taxes owed and then pay the remainder to me.

Given the amounts, it looks like i am under the French taxman threshhold so should inherit approx 150k.

Now, question is obviously: will the UK taxman want a share of this?

Thanks

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Answered in 6 minutes by:

11/1/2012

UK Tax Professional: taxadvisor.uk, Chartered Certified Accountant replied 10 years ago

taxadvisor.uk, Chartered Certified Accountant

Category: UK Tax

Satisfied Customers: 8,813

Experience: FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)

Verified

Hello, if you have any questions or need further clarification after reading my answer please let me know.

Thank you for your question..

Any tax payable on death is normally taken out of the estate before distribution of inheritance to the beneficiaries. So no tax payable in the hands of the recipient.

The UK taxman will not want or have his share of this money ... any tax due would be payable to French tax authorities.

If you need more information please let me know before you rate my service.

I hope this is helpful and answers your question. I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page.

taxadvisor.uk, Chartered Certified Accountant

Category: UK Tax

Satisfied Customers: 8,813

Experience: FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)

Verified

taxadvisor.uk and 87 other UK Tax Specialists are ready to help you

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Customer reply replied 10 years ago

hello Taxadvisor,

A clear and concise (let alone very reassuring, financially) answer. Thank you.

Just to calm down my paranoia: given your very quick answer, i guess you have a complete degree of confidence in this.

In other words, no need to try and triple check the mater with any expensively suited lawyer?

Thanks and have a great evening. If site policy allows you to provide me your details direct, please feel free to do so.

Jean-Louis

UK Tax Professional: taxadvisor.uk, Chartered Certified Accountant replied 10 years ago

Jean-Louis, thank you for the complements.

There is no need to spend well deserved Euros on expensive lawyers.

Good luck and enjoy what you do.

thank you

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