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Probably silly question ref IHT vs income tax
Twentytwothousand
Posts: 43 Forumite
Presume if IHT comes off the top an estate then income tax on the same amount isn’t payable. However, what if no IHT is deductible from the estate? Do the beneficiaries pay income tax on that?
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Comments
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No income tax is due on inheritance.Except a few special situations where the estate is still earning income (eg royalties) and it is the right to this income that is inherited.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Income tax is only payable on any income earned on assets held within the estate (interest, dividends rent on property). Any such income will not be subject to IHT which is based on the value of assets held at the time of death.1
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