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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
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You won't pay tax on the £50k. However if you invest it you will pay tax on the interest that you earn.0
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