Inheritence / R185E

john432

So, received £8,000 by inheritance. Please not I am employed.

Could someone explain (in simple terms) if I need to do anything as regards tax. I know if I was self employed, this would apply on a tax return, but I am employed.
Solicitors mention form R185E?

Also, as regards info for Student loans ( ie, I have children at uni ), would Student England need to know the amount as part of my household income, or is it just INTEREST only from saving the inheritance.


Thank you.

Tom99

john432 wrote: »

So, received £8,000 by inheritance. Please not I am employed.

Could someone explain (in simple terms) if I need to do anything as regards tax. I know if I was self employed, this would apply on a tax return, but I am employed.
Solicitors mention form R185E?

Also, as regards info for Student loans ( ie, I have children at uni ), would Student England need to know the amount as part of my household income, or is it just INTEREST only from saving the inheritance.

Thank you.

The £8,000 inheritance is not taxable, you don't need to declare it to anyone. Its not income for student loan purposes. The only thing it may affect is if your are receiving any means tested benefit which relies on you only having a certain amount of savings.

Zanderman

Recipients don't pay tax on an inheritance. The only tax on inheritance is what the deceased's estate pays - and that happens (if the estate was large enough to pay tax) before the money is doled out to recipients. So if you've got the £8k any tax liable must have been paid already. You don't pay it. It is not taxable income.

As for student loans I assume the same thing applies - inheritance is not income - and Student England need to know your income, not your inheritance. So it's probably irrelevant. Apart from, as you suggest, perhaps future income generated by the inheritance.