My parents want to transfer a sizable chunk of inheritance money from the UK (they are totally separate from Japan and have no visa or residency status at all) but I'm really confused about which taxes may or may not apply. Could anyone here please help?
The GBP amount is expected to be about £1,000,000 (~2億円). I'm on a Table 1 visa and have been living here continuously for the past 5.5 years and am married to a Japanese national. One one hand I've seen that Gift Tax would apply and that would gouge about 55% off the amount, but on the other hand I've seen Gift Tax won't apply at all to me due to my visa status and not having lived in Japan for at least ten of the past fifteen years.
I was also thinking it might be possible to transfer money from my parents UK account to my UK account then move it here between accounts in my name only, but I'm not really sure about the UK tax situation that would imply or whether the Japanese taxman would still interpret it as a taxable gift.
I'm trying to find and organise an appointment with a tax lawyer here but I'm wondering if anyone can share any knowledge about this. Thanks for any help!
by OkayWithThings