Aussieunicorn

Hi looking for some help please. Sadly my father died last year and I (Australian citizen) and my 2,siblings (UK citizens) have inherited his house. The house is now under offer and the inheritance tax is being paid. My question is can I claim the part of the inheritance tax I've paid in the uk off my tax here in Oz? Thanks in advance.

Novocastrian

I'm afraid not. In the UK the IHT is levied on the estate not on the beneficiaries. "You've" paid nothing, the estate has been reduced before distribution.

Aussieunicorn

Bugger!! Thanks for the info.

Aussieunicorn

Sorry next question, will I have to pay CGT when its transferred over here? I'm not going to use it as,and investment, just pay off some of my mortgage.

Novocastrian

I can't help with Aussie tax laws but in Canada CGT would not be relevant. I'd be surprised if Australia was different since I can't see why an inheritance would be classed as a capital gain anywhere?

moneypenny20

Had the same situation five years ago. Didn't pay CGT when my share was transferred over.

Aussieunicorn

thanks, didn't want to pay tax twice. X