Overseas Inheritance - What are the rules?

[Big Worm 1]

I have a relative who has lived in Canada for 50+ years, and she is currently sorting out her will.

As she has no children and the sole beneficiaries of her estate would be myself and my sister, she has asked me to find out what the rules are around inheritance tax, bringing the funds into the UK, etc.

She said there would be an amount of the estate to be paid in Canada, but she wouldn't want it to be paid twice due to tax in this country. Is it dependent on the value of the estate? How would it work with it being split 50/50 between me and my sister?

Any advice would be gratefully received.

Thanks

[Ozzie Osmond]

UK inheritance tax is a tax on the estate of the person who died - not a tax on receiving gifts. It appears to have no application in the situation you described.

[Simpo Two]

Not clear whether if the question pertains to now, ie while she's alive, and wishing to gift money, or to after her death and planning for those tax implications.

[Big Worm 1]

I'm talking about when she has died, so my sister and I would inherit her estate.

Edited by Big Worm 1 on Tuesday 12th July 17:07

[HotJambalaya]

Big Worm 1 said:

I'm talking about when she has died, so my sister and I would inherit her estate.

Edited by Big Worm 1 on Tuesday 12th July 17:07

As above, estate will have to pay whatever is due in Canada. The rest is yours