In brief (TL;DR): Receiving a South African inheritance from the UK involves three stages: the estate is wound up in SA by an executor, SARS issues tax clearance, and WBForex handles the currency conversion and transfer. We charge no WBForex fee on inheritance transfers.
Receiving an inheritance from South Africa while you are living in the UK involves two separate processes that often feel like one confusing tangle. Understanding how they work - and in what order - makes the whole thing significantly less stressful.
Here is a plain-English overview of what happens, what SARS requires, and how WBForex fits into the picture.
Step 1: The estate must be wound up in South Africa first
Before any money can leave South Africa, the estate needs to go through the formal South African legal process. This is handled by an executor appointed by the Master of the High Court - usually an attorney or a trusted person named in the will.
The executor is responsible for paying any debts of the estate, filing the deceased's outstanding SARS tax returns, and obtaining a SARS tax clearance on the estate itself. This process can take anywhere from a few months to over a year, depending on the complexity of the estate and how quickly SARS processes the relevant submissions.
WBForex gets involved once the estate is wound up and the inheritance is ready to transfer - not before.
Step 2: SARS clearance for the transfer
Once the estate is settled, the transfer of inheritance proceeds to a UK or EU bank account requires SARS clearance to confirm that all outstanding taxes on the estate have been settled. This is separate from the standard SDA and FIA annual allowances - inheritance transfers are treated differently under South African exchange control rules.
The documentation required typically includes the Letters of Executorship, proof of the inheritance amount, SARS estate tax clearance, and your UK bank account details. Every estate is slightly different, and we work through the specific requirements case by case.
Step 3: The currency conversion and transfer
Once everything is in order, WBForex handles the currency conversion at a live ZAR/GBP or ZAR/EUR rate and processes the transfer bank-to-bank through our authorised dealer partner. Funds typically arrive in your UK or EU account within one to two business days of the conversion being confirmed.
We charge no WBForex fee on inheritance transfers - you pay only the standard R250 SWIFT bank charge.
Common questions we get
Do I pay UK tax on a South African inheritance? In most cases, no - inheritances are not treated as income in the UK. However, if the inherited assets generate income or capital gains after you receive them, those may be taxable. A UK-based tax adviser can confirm your specific position.
What if the deceased did not complete tax emigration? This is common and does not prevent the inheritance from being transferred. The SARS clearance process for the estate handles the deceased person's tax affairs. Your own tax residency status is a separate matter.
What if the estate is still being wound up? Contact us early so we can walk you through what to expect and what documents to start gathering. It is better to understand the process before you need to act quickly.
How WBForex helps
Inheritance transfers are one of the areas where having a named consultant who knows your file makes the biggest difference. These transfers are not standard transactions - they involve coordination between South African attorneys, SARS, the estate executor, and your UK bank. We handle all of the transfer and compliance side so that you are not trying to manage that from 9,000 kilometres away.
If you have an inheritance coming through, get in touch early. We will tell you honestly what stage we can help with and what needs to happen on the SA side first.
Talk to us about your inheritance
For a more detailed step-by-step breakdown, see our complete inheritance transfer guide.
