- May 2, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Inheritance Dilemma: Seeking Tax Guidance
Hello all, I hope you’re doing well.
I must admit that when it comes to finances, I tend to be a bit lost. While I understand the basics of saving and budgeting, anything beyond that tends to confuse me. So, if you could explain things in simple terms, like you would to a child, I would greatly appreciate it.
So here’s the situation – I recently inherited around £45,000. I’ve decided to invest it in the UK, and I’ve got that part sorted out. But now, I’m facing a new challenge – how do I go about paying taxes on this inheritance? I assume I need to pay taxes in the UK, but how do I inform the Japanese authorities to avoid any conflicts or double taxation?
As a bonus question, I was planning to transfer £5,000 to buy a car. Do I need to pay taxes on this transfer as well?
I’m wondering if there’s a straightforward solution to this complex issue, or if I should seek the help of a tax lawyer or accountant. I just want to find the least stressful way to handle this situation.
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Generally, it’s a self-reporting obligation to your local tax office and if the country where the deceased lived doesn’t have special tax rules, tax is due where the heir has unlimited tax residency.
Whether you have to pay inheritance tax in J depends among other factors on your visa class (spouse/PR class 2 or working visa class 1, for the latter only if resident longer than 10 out of last 15 years) and how much tax is due depends on the family status between the deceased and the heir, whether you’re a statutory heir determines how much tax free allowance can be deducted.
I guess as direct descendant, for 45k you don’t have to pay inheritance tax. If for whatever reason you paid overseas inheritance tax, you could at least claim a tax credit here.
> how the hell do I go about paying tax on the damn thing.
Was the deceased a Japanese citizen or resident? Were any of the other heirs Japanese citizens or residents? Was any of the deceased’s property located in Japan? If the answer to all of the above is “no”, an inheritance of GBP45,000 is not sufficient to trigger a Japanese inheritance tax liability, regardless of your visa status or how long you have been in Japan. In which case there’s no need to file a Japanese inheritance tax return, and whether you pay UK tax is irrelevant.
> I was hoping to transfer £5,000 over so I could pick up a motor. I’m guessing there’s a tax I need to pay on that?
Remittances to Japan are not taxable. If you have foreign-source income that you are avoiding paying Japanese tax on by making no remittances, then obviously making a remittance would affect your ability to avoid paying Japanese tax on that income. But if you don’t have any such income, there are no tax consequences associated with making the remittance.