We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Trust received inheritance tax

Options
Hi
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. 
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


Comments

  • Jeremy535897
    Jeremy535897 Posts: 10,732 Forumite
    10,000 Posts Fifth Anniversary Photogenic Name Dropper
    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.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 10 September 2021 at 5:05PM
    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.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.