We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Inheritance saving options?
CandyJ
Posts: 8 Forumite
My Dad sadly passed away in June and we have sorted everything out through his Executor.
My brother and I have been very fortunate enough to receive some money each (about £50K) which I'd like to use as a deposit for my first house next year. I'm worried about having to pay tax on this and where to put it while I'm saving?
Is anyone able to give me a bit of guidance please? Are there set rules about saving in ISA/ savings accounts?
My brother and I have been very fortunate enough to receive some money each (about £50K) which I'd like to use as a deposit for my first house next year. I'm worried about having to pay tax on this and where to put it while I'm saving?
Is anyone able to give me a bit of guidance please? Are there set rules about saving in ISA/ savings accounts?
0
Comments
-
You won't pay tax on the £50k. However if you invest it you will pay tax on the interest that you earn.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards