Amazulu

Even if he does not live in the UK?

carolinephillips

I mean my dad died and his house is being sold. Once the death duties are paid it will be split amongst the children. Ours is going into a UK account, then will later be transferred to out Aussie one. It should be more than 10k, but does that mean if done this way and coming over as our money it will avoid being red flagged?

NedKelly

Sorry about your father. If it's your money you can put it in any bank in the world you like and send it to wherever and to whomever you want. It's a sad day when normal law abiding citizens are worried about bringing their money here because they think the government might red flag them.

carolinephillips

Phew, that's a relief!!!

Bermudashorts

No I don't think it would change anything, I believe that transfers from overseas over 10k are notified to the authorities because of money laundering controls. But you really have nothing to worry about, you are perfectly entitled to transfer your inheritance to your Australian bank account.

Bermudashorts

Yes, where the recipient lives is irrelevant. It is the estate of the deceased that is being taxed, not the recipient.

NedKelly

If your father's estate is paying death duties then the estate must be worth at least £325,000. If you are only going to get $10,000 then you must have about 50 siblings! Blimey!

spottydog

That's exactly it, the tracking is all to do with money laundering. If the money is legitimately yours then don't worry about raising flags as the most that will happen if you'll be asked where the money came from.

Jerseygirl

The person we are discussing does live in the UK...thus the thread title.

Jerseygirl

It happens when you're transferring money to the US and UK too. It's really not a problem if it's coming from a legitimate source. Although if you start transferring repeated amounts just under 10K that may raise suspicions.

carolinephillips

I think it will be under that amount- and I didn't say it would only be $10k- about $50 would be more accurate- I hope. There are 4 of us plus some bequests. Until the house is sold we don't know how close to that duty threshold it will be.

Bermudashorts

What happened to your mother Caroline? Depending on circumstances, it may be possible to double the inheritance tax threshold.

http://www.hmrc.gov.uk/inheritanceta...-threshold.htm

carolinephillips

Mum is still alive, but divorced him a long time ago. She is one of the 4, however, as she helped to look after dad in his final months, and although they lived on opposite sides of the county dad still helped mum with money when he could, and they did communicate.

Bermudashorts

OK, it isn't going to be one of those situations in that case. It was worth checking.

ozzieeagle

What are the pitfalls of sending say 30K pound via cheque directly to Aus ? Far easier for him to do this than electronic transfer.

I'm wondering whether I should actually go and physically get it as Cash..... Or do the electronic transfer myself from the UK.


I didn't want to go to the UK this year.... Was planning a trip in 2013, after we fully finished our reno.