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Trust received inheritance tax
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iamsometimesarobot
Posts: 1 Newbie
in Cutting tax
Hi
I hope someone can advise me.
I hope someone can advise me.
My dad passed away 4 years ago and left his estate to my mum in a will naming her, me and my sister as Trustees of the estate.
Mum continued to live in the family home until she sold it recently and purchased another property where it was picked up by solicitors that the trust stated that a % of the sale of the house should be distributed equally amongst the Us.
Mum continued to live in the family home until she sold it recently and purchased another property where it was picked up by solicitors that the trust stated that a % of the sale of the house should be distributed equally amongst the Us.
I have received some money and want to know what to do ( legally)
The amount is £60,000
? How or who do I pay inheritance tax to on this money or do I even need to pay it now or when my mum passes away
? Is this inheritance received backdated to my dads death /will
thank your any advice you can give me
Iasarobot
The amount is £60,000
? How or who do I pay inheritance tax to on this money or do I even need to pay it now or when my mum passes away
? Is this inheritance received backdated to my dads death /will
thank your any advice you can give me
Iasarobot
0
Comments
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Any inheritance tax would have been paid by the estate. If the house was your mother's main residence, and she had a life interest in the trust that owned it, there would be no tax on its sale. Ask the solicitors for confirmation.1
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There is no tax to pay on the £60000 - it is a distribution from an estate via a trust from which inheritance tax has already been paid.1
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