£50,000

cmb1

Hello All,

I am soon to be receiving £50,000 from a relative. 2 questions:

How do I find out whether I will be taxed on this?

And also what is the best way to make money with it? I don't need access to it for a couple of years.

Many thanks,

cmb1

bigfreddiel

cmb1 wrote: »

Hello All,

I am soon to be receiving £50,000 from a relative. 2 questions:

How do I find out whether I will be taxed on this?

errrrr - call the tax office?

And also what is the best way to make money with it? I don't need access to it for a couple of years.

Pay off debts, ISA, ILSC, 2yr bond,Pension payment

Many thanks,

cmb1

checkout above in red

kidmugsy

Is it a gift? If so, no tax.

jamesd

Any living person can give any other living person money without the recipient having any tax to pay. It's simply not taxable income.

If the person who is providing the money has died usually the will will say that the estate should pay the inheritance tax, if any. If the person providing the money dies within seven years of providing the money then it's potentially subject to inheritance tax, depending on the size of the estate and the estate planning they have done, as well as whether the money was paid out of their normal income or not.

For a couple of years savings accounts are the way to go. Have a look at regular saver accounts to start.

cmb1

My thanks to all for the prompt replies.