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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My American aunt is leaving me approximately £100,000 in an

Customer Question

Customer: My American aunt is leaving me approximately £100,000 in an informal trust. I have an American bank account but am a UK tax payer resident in the UK. Her American lawyer says it will not be worth leaving the money to a person in the UK as so little of it will be left. It would not be possible, I assume, to keep the money in my American bank account and find some way of paying the Federal tax?
JA: Thanks. Can you give me any more details about your issue?
Customer: Well I recently was asked by my American bank to confirm that the money I keep in the account was not from American sources. Its not earning anything but 0.05% so haven't declared it yet to UK tax. But wanted to check that I cant put the money in that account, leave it there and apply to pay the Federal tax as the money came from America.
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to UK Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: Yes
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: UK Tax
Expert:  Tony Tax replied 1 year ago.


Is this a question on US or UK tax?

Customer: replied 1 year ago.
As a UK tax payer can I keep money from a US relative in a US bank account and pay US tax on it?
Customer: replied 1 year ago.
I have a Federal ID number 75-0910774 which I received after I confirmed that the money in the account is not from any business in the US, but I would like to know if, as a UK tax payer I can keep the money given to me by a relative as an inheritance, or money given me by my American son, and pay Federal tax on it, as a foreigner. I suppose the answer is no!
Expert:  Tony Tax replied 1 year ago.

If you are domiciled in the UK (see page 10 and from page 24 here) and resident in the UK, you are liable to UK tax on your worldwide income and gains. Any tax paid on the interest from the USA will be taxable in the UK but you will be given credit for any tax paid on the same income in the USA. You cannot choose not to pay UK tax on the interest unless you are non-UK domiciled and choose to be taxed on the remittance basis (see section 9 here).

You won't pay any UK tax on the £100,000 capital if you bring it into the UK.

I hope this helps but let me know if you have any further questions.

Expert:  Kent-cssm replied 1 year ago.
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Expert:  Tony Tax replied 1 year ago.

I can see that you sent a message to the moderator. Is there a problem? This is a very straightforward question as far as I am concerned so please let me know if there is anything you aren't sure about.