Just a Simiple Question

nc1967

I just wanted to check that redundancy payments and money inherited are not subject to tax.

I was made redundant in 2008 got around £7k and again in 2010 got around £4k. I also inherited some money from my father, the orginal will left everything to my mom, but she had some sort of trust drawn up so half of my fathers estate came to me and half to my 2 children (figures here were around £54k)

thanks

Linton

Redundancy payments up to £30K and inheritance arent subject to income tax. Payment in Lieu of Notice generally is.

aadil.arif

Redundant payments are not eligible for the income tax as per the HMRC policies. I just got redundant payment of 4k without paying any tax upfront.

Best of Luck!

userd2d

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John_Pierpoint

nc1967 wrote: »

I just wanted to check that redundancy payments and money inherited are not subject to tax.

I was made redundant in 2008 got around £7k and again in 2010 got around £4k. I also inherited some money from my father, the original will left everything to my mom, but she had some sort of trust drawn up so half of my fathers estate came to me and half to my 2 children (figures here were around £54k)

thanks

You have been given the right answer, based on the simple question asked and the modest sums of money involved.

Who were the executors of dad's will?
How old is mum?
What provisions has mum made to support herself in her old age?
Can we assume your mother is not now in receipt of means tested benefits and she is currently in good health?

(My definition of tax is money that the government takes from the people to spend as it sees fit.)