My Inheritance experience UK version
Posted: Wed Feb 08, 2023 1:54 pm
My mum passed 18 months ago and I can finally share my experience since it has finally concluded.
I'm UK born, permanent resident of Japan since 1991. I've saved money and invested overseas for 20+ years but I'll leave that for another post.
I received 70% of my mother 's estate - a telephone number amount of cash (almost 7 figures in pounds sterling - a fortune before Truss became PM.
I was truly worried about how much extra tax I would have to pay in Japan. I'm a very law abiding individual.
After going to the local (rural) tax office I worked out the 36,000,000 exemption and tried to figure out any extra exemptions.
I also knew that I could deduct any tax I'd paid HMRC UK but all my sums showed me paying anything between 6M - 12M yen.
I looked for an English speaking accountant but the fees were close to 1M yen and became disheartened.
Then I found 「税理士法人西東京会計」https://www.tkcnf.com/ntk
Not English speakers but can understand and, more importantly, work through those murky waters of inheritance tax with documents written in English.
I sent them the death certificate, the will, the inheritance document sent to HMRC (all in English) and that was it.
They worked through it all, even with the sale of the house but didn't need those documents since it all went through 'the estate' and ...........
I ended up paying ZERO inheritance tax to Japan.gov and only 500,000 yen to the company for the company hanko and 10-page tax document that they sent to my tax office. And that's the point - The hanko and the legit paperwork.
I have since invested most of the monies in an offshore fund but sent 100K to my bank through TorFX which caused some raised eyebrows but sorted that out within a week (local banks acting like the police/immigration) and now sitting pretty. But it did take a long time and I had to request a extension on the 10-month period to report findings etc. to the tax office.
I'm UK born, permanent resident of Japan since 1991. I've saved money and invested overseas for 20+ years but I'll leave that for another post.
I received 70% of my mother 's estate - a telephone number amount of cash (almost 7 figures in pounds sterling - a fortune before Truss became PM.
I was truly worried about how much extra tax I would have to pay in Japan. I'm a very law abiding individual.
After going to the local (rural) tax office I worked out the 36,000,000 exemption and tried to figure out any extra exemptions.
I also knew that I could deduct any tax I'd paid HMRC UK but all my sums showed me paying anything between 6M - 12M yen.
I looked for an English speaking accountant but the fees were close to 1M yen and became disheartened.
Then I found 「税理士法人西東京会計」https://www.tkcnf.com/ntk
Not English speakers but can understand and, more importantly, work through those murky waters of inheritance tax with documents written in English.
I sent them the death certificate, the will, the inheritance document sent to HMRC (all in English) and that was it.
They worked through it all, even with the sale of the house but didn't need those documents since it all went through 'the estate' and ...........
I ended up paying ZERO inheritance tax to Japan.gov and only 500,000 yen to the company for the company hanko and 10-page tax document that they sent to my tax office. And that's the point - The hanko and the legit paperwork.
I have since invested most of the monies in an offshore fund but sent 100K to my bank through TorFX which caused some raised eyebrows but sorted that out within a week (local banks acting like the police/immigration) and now sitting pretty. But it did take a long time and I had to request a extension on the 10-month period to report findings etc. to the tax office.