Skip to main content

What taxes am I liable for when inheriting money from abroad?

Let's take an example. You are a British citizen living in the UK but you have an elderly relative who lives elsewhere in the EU who passes away, leaving you a cash sum.

There are no taxes for bringing money into the UK in this respect. If you invested the money (here or abroad) and it generated an income in the form of interest or other, then this would be liable to savings tax. If you liquidated assets that had been left to you to provide cash then there might be a capital gains tax issue here.

If you decided not to keep the money and pass it along, then the money would be subject to the appropriate inheritance tax laws.