GM Tax

Inheritance Tax - Inherited Assets

You do not usually pay inheritance tax on anything you inherit at the time you inherit it.

You may need to pay tax at a later point on:
  • Income Tax on any income or interest you later earn from your inheritance such as dividend income from shares acquired, bank interest from deposits or rental income from a property acquired or inherited.
  • Capital Gains Tax if you later sell the shares or a property you acquired or inherited.
  • Inheritance Tax in the event of your death.

Things to note:

In the event of an enquiry from the tax authorities in either country,  please retain all documentation in relation to the inheritance as this may be required.

We at GM Tax provide fixed fee quotes for advising on the taxation of inherited assets.

If you require assistance or advice regarding inherited assets including require assistance with the preparation and submission of forms to HMRC or the ATO please complete our online enquiry via our contact us button or by calling a GM Tax office closest to you.

GM Tax also offers the following services:

  • Review of a deceased estate and the assets held considering reliefs available to calculate the Inheritance Tax payable.
  • Review your UK domicile and residency.
  • Consider the tax impact of distributions made to both UK & Non UK Tax residents.
  • IHT planning in the context of assets retained or sold by the estate.