Hello everyone, hope you are all enjoying a glorious Golden Week. Hopefully for all of you, double the length means double the pleasure!
I have another “double theme” I’d like to discuss today: Double taxation when it comes to inheritance.
My parents in the UK are elderly, and I have been living in Japan for many years, making me a PR in tax terms here. I hope my parents continue to live for a long time, but nobody lives for ever.
I’ve been trying to scour various tax information for what would happen in the case of an international inheritance event with two regimes like the UK and Japan involved:
1) I’ve found information suggesting that you can receive a deduction in Japan for tax paid on the UK side IF the two taxes are deemed similar, but
2) I’ve also read that since the UK taxes the estate of the parent while the Japanese side taxes the person that receives the inheritance this means they may not be accepted as similar taxes and that there is a risk of double taxation.
I am particularly interested in feedback from any long-term UK expat in Japan that has experienced the inheritance process.
Inheritance tax - Double taxation
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Re: Inheritance tax - Double taxation
I believe Japan taxes the person taxes on the portion of the estate they receive, so this may be more similar than it first appears.
We did a couple of posts on inheritance taxes on the blog - might be worth a quick search
We did a couple of posts on inheritance taxes on the blog - might be worth a quick search
English teacher and writer. RetireJapan founder. Avid reader.
eMaxis Slim Shady
eMaxis Slim Shady