Inheritance Tax
May 9th 2019, 12:16 pm
#1
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Inheritance Tax
Hi all,
I spoke with my Mum yesterday who mentioned she chatted to her financial advisor about inheritance tax for yearly gifts she sends to me and my wife if she passes within 7 years. The amounts are not huge, but also not insignificant (think 5 figures).
If she passes, will HMRC collect the tax owed from her estate or me through the IRS?
Tx,
H
I spoke with my Mum yesterday who mentioned she chatted to her financial advisor about inheritance tax for yearly gifts she sends to me and my wife if she passes within 7 years. The amounts are not huge, but also not insignificant (think 5 figures).
If she passes, will HMRC collect the tax owed from her estate or me through the IRS?
Tx,
H
May 9th 2019, 1:27 pm
#2
Concierge
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Posts: 46,380
Re: Inheritance Tax
How can HMRC, a British agency collect through a US agency - IRS?
May 9th 2019, 1:29 pm
#3
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Re: Inheritance Tax
HMRC will collect any tax owed from her estate. The executor should complete the relevant IHT form. It is a simple enough form to understand.
https://www.gov.uk/government/public...on-iht205-2011
https://www.gov.uk/government/public...on-iht205-2011
May 9th 2019, 1:37 pm
#5
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Re: Inheritance Tax
Are you telling me that HMRC will then turn the taxes paid over to the IRS?
May 9th 2019, 2:23 pm
#6
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Re: Inheritance Tax
The op is asking if HMRC will come after him in the USA for any taxes due on the money he was gifted during his mother’s lifetime (the last 7 years of her life)
May 9th 2019, 2:53 pm
#7
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Posts: 46,380
Re: Inheritance Tax
Why would they? unless I have misunderstood the op the mother lives in the UK so any taxes she pays including inheritance tax is due to HMRC not to the IRS.
The op is asking if HMRC will come after him in the USA for any taxes due on the money he was gifted during his mother’s lifetime (the last 7 years of her life)
May 9th 2019, 3:13 pm
#8
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Re: Inheritance Tax
sorry, I misunderstood as post 2 was a question not a statement.
You didn’t explain how HMRC would collect the tax, so mistakenly I took your question to be asking how the taxes would be collected.
similie
May 9th 2019, 4:01 pm
#10
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Re: Inheritance Tax
Hi all,
I spoke with my Mum yesterday who mentioned she chatted to her financial advisor about inheritance tax for yearly gifts she sends to me and my wife if she passes within 7 years. The amounts are not huge, but also not insignificant (think 5 figures).
If she passes, will HMRC collect the tax owed from her estate or me through the IRS?
Tx,
H
I spoke with my Mum yesterday who mentioned she chatted to her financial advisor about inheritance tax for yearly gifts she sends to me and my wife if she passes within 7 years. The amounts are not huge, but also not insignificant (think 5 figures).
If she passes, will HMRC collect the tax owed from her estate or me through the IRS?
Tx,
H
May 9th 2019, 5:49 pm
#11
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Posts: 1,166
Re: Inheritance Tax
Thank you, all.
No need to report for me, its not enough!
OK, it seems like the estate pays, which is fine.
No need to report for me, its not enough!
OK, it seems like the estate pays, which is fine.
