UK Inheritance

Old Feb 27th 2024, 7:08 pm
  #1  
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Default UK Inheritance

Anyone recommend an accountant, ideally east GTA, who would be able to advise on how to avoid going wrong with a UK inheritance?
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Old Mar 1st 2024, 5:05 pm
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Default Re: UK Inheritance

No recommendations.

However when your slush fund arrives you can buy me an overdue beer ;-)
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Old Mar 1st 2024, 6:49 pm
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Default Re: UK Inheritance

Might even stretch to a lady cocktail.

How are you keeping?

Originally Posted by JamesM
No recommendations.

However when your slush fund arrives you can buy me an overdue beer ;-)
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Old Mar 4th 2024, 12:46 pm
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Default Re: UK Inheritance

Originally Posted by Pizzawheel
Might even stretch to a lady cocktail.

How are you keeping?
Doing well!

Moved to Parkdale (West) last March and it is easily the best part of Toronto to live.

Have launched a side business that is starting to get legs.

Haven't been to Hooters so often this calendar year!

And you?
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Old Mar 5th 2024, 7:23 pm
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Default Re: UK Inheritance

Parkdale! All roads seem to lead there. Bit too vibrant for me in my dotage lol. Though the Kingston Road dive bars are no longer as cheap as they need to be.

The rhino is the big pub right?

Originally Posted by JamesM
Doing well!

Moved to Parkdale (West) last March and it is easily the best part of Toronto to live.

Have launched a side business that is starting to get legs.

Haven't been to Hooters so often this calendar year!

And you?
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Old Mar 19th 2024, 1:51 am
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Default Re: UK Inheritance

Originally Posted by Pizzawheel
Parkdale! All roads seem to lead there. Bit too vibrant for me in my dotage lol. Though the Kingston Road dive bars are no longer as cheap as they need to be.

The rhino is the big pub right?
Fairly big. Has the pool table.

I tend to head in the other direction now.

It won't shock you or other regular readers to learn that I am a "member' at the local brewery. I have stein there with my name on that they serve me when I visit. I also get a growler of my chosen seasonal once per month. The 9% stuff gives me special powers.
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Old Mar 19th 2024, 9:41 pm
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Default Re: UK Inheritance

Originally Posted by JamesM
local brewery
stein
9%
special powers.
OK sold when we going?
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Old Mar 20th 2024, 5:01 am
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Default Re: UK Inheritance

Originally Posted by Pizzawheel
Anyone recommend an accountant, ideally east GTA, who would be able to advise on how to avoid going wrong with a UK inheritance?
Possibly but it depends. Is this about planning for inheritance tax at a future date or has the inheritance already been confirmed and paid?

N.
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Old Mar 22nd 2024, 5:33 pm
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Default Re: UK Inheritance

Originally Posted by Pizzawheel
OK sold when we going?
I'm ready.

My number hasn't changed if you still have it???

If not but your number is the same I can WhatsApp you!

Last edited by JamesM; Mar 22nd 2024 at 5:40 pm.
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Old Mar 27th 2024, 7:26 pm
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Default Re: UK Inheritance

It's confirmed but not actually paid out yet.

Originally Posted by Norm_uk
Possibly but it depends. Is this about planning for inheritance tax at a future date or has the inheritance already been confirmed and paid?

N.
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Old Mar 29th 2024, 10:49 pm
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Default Re: UK Inheritance

Originally Posted by Pizzawheel
Anyone recommend an accountant, ideally east GTA, who would be able to advise on how to avoid going wrong with a UK inheritance?
The Estate pays Inheritance Tax in the UK, not the Beneficiaries. So when you get the money, it has already been taxed (if any tax was due).

There is NO Inheritance Tax in Canada.

When I went through this, all that happened was that the Forex company transferring the Inheritance for me had to to a FINTRAC Declaration (required for any money transfer over $10,000) and they just put "UK Inheritance."

The money arrived in my Scotiabank account and that's that.

I used TransferWise (now just called Wise), but there is a cheaper company doing it at the moment - will have to take a look for the name...

Wise gives you a physical Visa card (free) now as well - useful for fee-free foreign currency transactions. When you load money on to it, you can use it for international bank transfers too - handy for me to send money to family in the UK now that Barclays has decided to stop Expats having bank accounts....

Link to Wise: https://tinyurl.com/ywj3s685

Last edited by withabix; Mar 29th 2024 at 10:56 pm.
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Old Apr 1st 2024, 10:51 pm
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Default Re: UK Inheritance

Sounds good, for a one time transfer at least. I was pondering keeping the money over there but, that probably doesn't make any sense right?


Originally Posted by withabix
The Estate pays Inheritance Tax in the UK, not the Beneficiaries. So when you get the money, it has already been taxed (if any tax was due).

There is NO Inheritance Tax in Canada.

When I went through this, all that happened was that the Forex company transferring the Inheritance for me had to to a FINTRAC Declaration (required for any money transfer over $10,000) and they just put "UK Inheritance."

The money arrived in my Scotiabank account and that's that.

I used TransferWise (now just called Wise), but there is a cheaper company doing it at the moment - will have to take a look for the name...

Wise gives you a physical Visa card (free) now as well - useful for fee-free foreign currency transactions. When you load money on to it, you can use it for international bank transfers too - handy for me to send money to family in the UK now that Barclays has decided to stop Expats having bank accounts....

Link to Wise: https://tinyurl.com/ywj3s685
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