Inheritance tax on money/properties overseas

[Gizler]

hello all. Haven't got all details yet but just trying to prepare ourselves. I live in the UK.
our father passed away this week and my brother and I flew out to the West Indies to sort out his affairs and arrange the funeral etc.
He has a will which leaves his property land and cash to us equally.

We we do not have any values as yet but wondered what charges here in the UK we will be facing.
Thanks in advance.

[des8]

The West Indies comprises of a number of countries.
Could you be more specific?
Where was your father domiciled, in the country he left his property or elsewhere?

[Gizler]

The West Indies comprises of a number of countries.
Could you be more specific?
Where was your father domiciled, in the country he left his property or elsewhere?

Of course. He was living in the island of Dominica which is where the property is.

[des8]

my understanding is:
a)There are no inheritance, estate, or gift taxes in Dominica.

b)The i UK tax implications depend on what form the inheritance takes. If you receive a specific legacy, such as a lump sum of cash or other assets, then as a UK resident you have no obligation to report the inheritance to HM Revenue & Customs as there is no additional UK tax due. If, however, you are sharing in the residue — or leftover assets — of the estate if some of that might be in income you might need to file a tax return and there may be a tax liability to meet.

PS I'm not a tax expert!

[Gizler]

my understanding is:
a)There are no inheritance, estate, or gift taxes in Dominica.

b)The i UK tax implications depend on what form the inheritance takes. If you receive a specific legacy, such as a lump sum of cash or other assets, then as a UK resident you have no obligation to report the inheritance to HM Revenue & Customs as there is no additional UK tax due. If, however, you are sharing in the residue — or leftover assets — of the estate if some of that might be in income you might need to file a tax return and there may be a tax liability to meet.s

PS I'm not a tax expert!

Thanks Des8 for your quick reply. I believe that it's mainly rental income, sale of land and savings and bank accounts. He was also getting income from private pensions as well as a uk pension. I'll have to inform gov.uk of his death once I get the death certificate.
Once I have more concrete information I'll come back and ask advice but do you think I'll need to seek the services of a uk tax expert?

[des8]

It might be well worthwhile

Presumably you are domiciled in UK , and so depending on the size of the inheritance you should begin to consider the implications of Inheritance Tax on your own estate.
There is also Capital gains tax and possible tax on future income from investments.
The tax consequences depend on your personal circumstances,the size of the legacy and what you do with the funds.
Fora such as this, whilst they may give pointers, are not a substitute for professional face to face advice

[Gizler]

We are domicile dim the UK. Many thanks for this

[Pomsky24]

My son (18 years old) was caught changing a price label on an item in TKMAXX, we are not talking a huge amount, he only had £10 on him and the item he wanted was £10.50 so he swapped it from a similar item which was £9.99. He got caught, they got the item back it did not cost them a penny. I understand they have security to pay for but this is to stop people walking out the door with expensive items. Since we have been bombarded with letters from RLP which we have ignored having seen reports on your site. We have now received a letter from Capital Resolve requesting £112.50 it was previously £150.00, should we continue to ignore the letters. This is all new to us, our instincts are to pay as we are concerned it will have an effect on his credit rating, but this feels like extortion for the sake of 51p. Your feedback would be very much appreciated.

[ostell]

Pomsky24 Why did you decide to drop this in another thread? Please start your own and don't disturb some on elses thread. Have you read any other threads about RLP and their ilk?

[des8]

Agree with ostell but wondering if you confused yourself with your other posting.
However just keep ignoring, they cannot impinge any credit rating, and they're so confident of winning they will offer a discount!!
More desperation of "please pay us something" type or we will .... what??