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Help with inheritance tax please

xxdeebeexx
xxdeebeexx Posts: 1,964 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Cutting tax
Hi I had a desperate phone call from a friend last night. She has inherited just over £6000 from a relative paid in 2 lots... First in March about £5400 and the balance now. She is unemployed. What/how /when does she have to declare?

TIA

Dx

Comments

  • dzug1
    dzug1 Posts: 13,535 Forumite
    10,000 Posts Combo Breaker
    Any inheritance tax will have been paid before she received the money so there will be nothing to pay.

    Or are you asking about the effect on benefits?
  • xxdeebeexx
    xxdeebeexx Posts: 1,964 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    dzug1 wrote: »
    Any inheritance tax will have been paid before she received the money so there will be nothing to pay.

    Or are you asking about the effect on benefits?


    Thanks
    The final payment came with forms to fill in. It might even affect her benefits, hadn't really thought of that!
    What should she do?

    TIA

    Dx
  • lincroft1710
    lincroft1710 Posts: 19,542 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    What form is it that she has to fill in? She will have to declare the inheritance as savings as it could affect her benefits. Failure to do so may lead to an accusation of benefit fraud.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • xxdeebeexx
    xxdeebeexx Posts: 1,964 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    lincroft1710 wrote: »
    What form is it that she has to fill in? She will have to declare the inheritance as savings as it could affect her benefits. Failure to do so may lead to an accusation of benefit fraud.
    Thanks. I don't know what form. I will ask her.
    I think most of the money went towards paying off debt. I don't think she has savings, as such.
    Thanks again

    Dx
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