Dealing with undocumented inheritance cash.....

xylophone

She is going to need to get probate because there is a property involved.

She could engage a solicitor to deal with reregistration of the property and ask about the cash?

I am assuming that she will need to make a formal declaration of the cash found in the house which may help ( show no intent to deceive at least)?

Re notes no longer legal tender - she might try a letter to the BoE to see whether they could assist?

https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

System

woolythoughts wrote: »

She's self employed so does have the option of putting it through the business but then she'd be taxed on it (which I suppose is better than nothing)

If she used it for living expenses paying cash where possible I'm 99% certain HMRC would open an investigation into undeclared income based on spending patterns changing.

But I think a combination of spending, drip feeding and maybe a bit of extra business income might be the way to go. I just spoke to he on the phone and suggested if she needed any new large purchases or a holiday, to pay cash. Although she did poit out a lot of places wont take cash anymore! I know a hotel I'm staying at in a few weeks wont accept cash for room payments.

Sounds like she is just looking for obstacles tbh

Most merchants will take cash currently in circulation and the HMRC are unlikely to be interested due to the value of the cash / estate.

Tom99

Since you are going to need probate for the house you will be declaring the £60k as one of the assets requiring probate. You can use the info box to add that the cash really is cash.
It may be possible to use a copy of that application together with the grant showing the two sums match to convince a bank to take the cash.
You could also send a covering letter with the IHT form explaining your problem and asking them to confirm the information you have supplied about the amount of cash you are holding - I have no idea whether they would do that.