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Inheritance Tax Queries
INSPIRED
Posts: 197 Forumite
in Cutting tax
Can anyone help me with 2 queries about Inheritance Tax? I have looked at the Inland Revenue site for hours and can not find the answers.
I am disabled, have no income other than DLA and therefore pay no tax.
1. I have received a small sum of money from my father's estate. Will I have to pay tax on it?
2. My son has sold his flat (his main residence) and has given me the proceeds. Will I have to pay tax on it?
Thank you.
I am disabled, have no income other than DLA and therefore pay no tax.
1. I have received a small sum of money from my father's estate. Will I have to pay tax on it?
2. My son has sold his flat (his main residence) and has given me the proceeds. Will I have to pay tax on it?
Thank you.
0
Comments
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Can anyone help me with 2 queries about Inheritance Tax? I have looked at the Inland Revenue site for hours and can not find the answers.
I am disabled, have no income other than DLA and therefore pay no tax.
1. I have received a small sum of money from my father's estate. Will I have to pay tax on it?
2. My son has sold his flat (his main residence) and has given me the proceeds. Will I have to pay tax on it?
Thank you.
1. No. The tax due (if any) will have been paid before you receive it.
2. Again no, assuming your son survives 7 years. Even then tax is only due if his total estate, including the gift, exceeds the nil rate band.0 -
Thank you dzug1
I did not think so but the Inland Revenue site confused me!0
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