akshay67

A late relative of mine had a property in the UK and also in Canada. As an executor I declared the property in UK to the taxman and paid 40% tax. I did not declare the Canada one as other members of our family are living in there - do I have to declare it and pay the inheritance tax on that?

The twist is that the canadian property is half owned by the family living there and my late relative. That family will not pay a penny and it'll all be left to me if I have to pay the 40%....

What do I do and where do I stand legally???

camk

if you sell just keep the money offshore.

Tiggs

IHT is on ALL assets so you should have declared his half to the revenue when you executed his estate.

IHT would then be due......if Canadian revenue wanted a bit of the action the double taxation deals between the UK and Canada would prevent being taxed twice.......can get a tiny complex but to answer your question:

Yes, it should have been declared.

T

ps- as executor you are responsible for truthfull declaration - you didnt do this so the "hide it off shore" approach is as sensible as any evasion of tax ie. not very.