Tax on bequest

Tax on bequest

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Another new client (I must be doing something right) problem. They received a $250000 bequest from a deceased US relative with all US tax paid on the estate. Does it need to be declared on the SA100 and is there any additional UK tax to pay?

What happened to the simple clients with no strange problems??

Replies (6)

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By jbaccsol
04th Dec 2014 20:06

The simple clients

Attempt to manage their own affairs and for every 9 that get it right I guarantee there will be 1 who gets it so spectacularly wrong they become some lucky accountants complicated client :)

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By pawncob
04th Dec 2014 21:10

No.

Why would there be any UK tax to pay, it's been paid in the US.

Income derived, will of course be taxable.

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By bernard michael
05th Dec 2014 09:45

Many thanks

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By David Treitel
06th Dec 2014 17:22

There is no US tax due unless the deceased was a covered expatriate; so you may want to enquire of the executors to ensure this was not the case.

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By bernard michael
07th Dec 2014 10:53

Thanks for the thought. She was a bona fide US citizen

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By carnmores
07th Dec 2014 12:58

never heard that before

now i know about covers

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