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Inheritance will I be taxed ?
Comments
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Hi,
I don't understand how your mother could pay inheritance tax before she died, it's a tax on what has been left.
Here's a wee link, click.0 -
although the basic question was relatively simple do you pay tax on a gift through inheritance you added irrelevant information about the estate and followed up that you were executor.
The simple answer is you do not pay income tax on gifts.
It becomes an asset and normal tax rules apply.
Your childs may be more complicated depending on age as they are 4 that will need a trust.(no need to expand on that yet)
............
Now if we return to the estate from your posts it is not clear if you are doing the administration or a solicitor, your comments suggest you are not yet fully up to speed on the basics of administrator duties which is not a problem if solicitors are dealing with that, you can focus on dealing with the net distribution to yourself and daughter.0
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