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Humphrey says: 26 July 2016 at 23:37 An inheritance is received by a South African resident following the death of a family member in the UK. The bulk of these funds remain in the recipient's bank account in the UK, with some funds being transferred from time to time, when needed. How is this situation viewed by SARS? Is it necessary to declare this foreign asset together with the annual interest, bearing in mind that the funds originated in the UK, and as a result of an inheritance |
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TaxTim says: 27 July 2016 at 7:57 You are fortunately not due to pay tax on the capital (the inheritance) but you are however still liable to pay tax on the foreign interest. |
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