Tax on inheritance

pandersturn

I have been left £35000.00 in my mothers will ,am i liable to pay tax on it.

getmore4less

You won't pay the tax.
The executor/administrator should deal with the tax situation.


Depend what the will says if any of the estate IHT(if any) will come from your share.

PasturesNew

Whoever is sorting it out will add up the total value of the estate (and gifts/cash handed out in the last 7 years, obviously where relevant, e.g. a £100k gift, not the boxed DVD set you got for Xmas in 2008) and compare that to the IHT, which can be either £325k, or double if it's part of the "couples double up" style deal.

Then tax is paid. Then inheritances are paid out.

Most people never pay inheritance tax as most estates aren't big enough at all. It is the estate of the deceased that is taxed, not individual recipients of cash/goods.

pandersturn

right thanks so no personal tax just IHT on the estate wich is well below £325k wasnt sure wether it was classed as unearned income.

dzug1

It's not income at all - earned or unearned. It's capital

g6jns_2

pandersturn wrote: »

I have been left £35000.00 in my mothers will ,am i liable to pay tax on it.

Not usually but you need to check the exact terms of the will. Sometimes legacies are left with a condition the beneficiary has to pay but this unusual. I only mention it for accuracy.