I am a Canadian who has had non-resident tax status for many years. I have lived in various countries around the world for several years. However, I have accumulated a sizeable amount of money invested in Canadian banks.
I have two adult sons, both of whom now have dual UK-Canada citizenship.
My understanding is that there would be no inheritance tax (in Canada) on my estate when I die, so the money my sons receive upon my death would be tax free (in Canada).
Does anyone know if there would be tax implications in the UK on the money they would receive from my (Canadian) estate?
Surely there would be no tax ramifications to MY estate (even though my sons would receive an inheritance). After all, it would not be THEIR estate until THEY die, at which time, presumably UK death taxes would kick in. Does anyone have any info on this?
I have two adult sons, both of whom now have dual UK-Canada citizenship.
My understanding is that there would be no inheritance tax (in Canada) on my estate when I die, so the money my sons receive upon my death would be tax free (in Canada).
Does anyone know if there would be tax implications in the UK on the money they would receive from my (Canadian) estate?
Surely there would be no tax ramifications to MY estate (even though my sons would receive an inheritance). After all, it would not be THEIR estate until THEY die, at which time, presumably UK death taxes would kick in. Does anyone have any info on this?
