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Inheritence Tax from America (Read 4129 times)
Craig Coffield
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Inheritence Tax from America
Dec 22nd, 2002 at 2:07am
 
What tax law(s) would apply to an inheritence from someone in the United States. Someone wants to leave estate to someone else in Scotland. What are the tax implications in Scotland for the beneficiary?
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RFM
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Re: Inheritence Tax from America
Reply #1 - Dec 31st, 2002 at 6:32am
 
Mr. Coffield;
The short answer is that the United States Internal Revenue Code imposes a tax on the estate,i.e. where the decedent died domiciled. It is the Administrator's duly to file the return and pay the tax as a part of the administration of the estate. Take notice as well that most States also impose a tax on the recipient as well.
In some instances, an heir or devisee resident in another country may be allowed a credit against their share of the estate from the tax paid to the U.S. Treasury, but only a local tax expert could advise you.
You should also know, depending on the size of the estate, with some astute planning, it is possible to pass a share of an estate prior to death, without horrendous tax consequences, to the intended recipients.
Good Luck!
RFM
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scottishlaw
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Re: Inheritence Tax from America
Reply #2 - Dec 31st, 2002 at 7:29am
 
UK Inheritance Tax is charged on the deceased's estate and not on the recipient.

According to the Inland Revenue, no Inheritance tax is due on 96% of estates as these are often below the threshold.  The threshold at the moment is 242,000 so if the estate is below this, no Inheritance Tax is due.

Capital Gains tax may apply if you dispose of the assets so if they are substantial contact either a solicitor, accountant or (the sensible option) call the Inland Revenue.

You can get help from the inland revenue by calling them on:

Helpline: 0131 777 4050

Or writing to:

Edinburgh
Inland Revenue (Capital Taxes)
Meldrum House
15 Drumsheugh Gardens
Edinburgh
EH3 7UG

Good luck.
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