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Inheritance Tax

Jedi Shrimper

formerly Drastic™
Joined
Jan 10, 2008
Messages
8,970
Location
SS1
I've been looking at Inheritance Tax on the HMRC website but can't find what I need to know, so now I'm consulting the all-knowing oracle that is SZ.

Anybody know what happens if you're inheriting from abroad (my dad lived in germany) - I'm sure the amount will be under the inheritance tax threshold.

Thanks in advance.

DS.
 
Is your Dad a German tax payer or does he pay tax in the UK?

Is it a cash amount he is giving you or an asset?

Cheers
 
I've been looking at Inheritance Tax on the HMRC website but can't find what I need to know, so now I'm consulting the all-knowing oracle that is SZ.

Anybody know what happens if you're inheriting from abroad (my dad lived in germany) - I'm sure the amount will be under the inheritance tax threshold.

Thanks in advance.

DS.

Inheritance tax is payable on the estate rather than by the individual inheriting, i.e. it's a tax on death rather than a tax on inheritance (calling it a death tax doesn't go down well with voters, hence the misleading name) so it doesn't matter where you are based, but rather where your father was 'domiciled' and where the assets are based.

If, as you expect, his entire estate was worth less than the inheritance tax threshold (can't remember what it is, but it's over a quarter of a mil) then there shouldn't be anything to worry about from an UK inheritance tax perspective anyway.
 
If, as you expect, his entire estate was worth less than the inheritance tax threshold (can't remember what it is, but it's over a quarter of a mil) then there shouldn't be anything to worry about from an UK inheritance tax perspective anyway.

IIRC raising the limit to £1,000,000 was one of Cameron's election bribes that he has (unsurprisingly) failed to deliver. There's quite a few broken promises from the election...

I also remember him saying he had no plans to raise VAT, but managed to do that in his emergency budget a few days after the election...I wonder where Mr. Clegg was when that was decided...
 
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