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Old 25.02.2014, 19:04
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Inheritance tax

Hi,

wonder if someone can advise me on two points.

My late father owned a property in Pakistan which got transferred to my mum. she recently sold it and will be giving me my share. question is if i receive the money in my swiss account will i have to pay any swiss tax?

the other option i have is to get the money transferred to my UK account. I checked my position in UK. basically it will be classified as "gift" from my mum and as long as she lives for another 7 years then i won't have to pay any tax on it.

a futher related question is - if i receive the money in my swiss dollar account will i have to declare it anywhere? it's quite a large sum of money >$100k

thanks for your help.
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Old 25.02.2014, 19:14
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Re: Inheritance tax

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Hi,

wonder if someone can advise me on two points.

My late father owned a property in Pakistan which got transferred to my mum. she recently sold it and will be giving me my share. question is if i receive the money in my swiss account will i have to pay any swiss tax?

the other option i have is to get the money transferred to my UK account. I checked my position in UK. basically it will be classified as "gift" from my mum and as long as she lives for another 7 years then i won't have to pay any tax on it.

a futher related question is - if i receive the money in my swiss dollar account will i have to declare it anywhere? it's quite a large sum of money >$100k

thanks for your help.
If you mother is not Swiss resident then it's free of any Swiss tax.
If your mother is UK domiciled UK IHT, she would be liable to UK IHT rules on her world wide estate, merely transferring the money to the UK is of no consequence. The liability to IHT is on the estate of the dead person, rather than the person receiving. Life time gifts utilise the Nill rate band in any case.
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