Cash Gift

DAB01

My father send me a cheque for £7000 in July 2021. He passed away in August 2021 and I have been handed a further cheque for £12000 from his inheritance (February 2022)
. Do I need to declare this to the tax office, I am currently retired on £5000 a year and do not receive any other income. My understanding in that the money was for both myself and husband even the cheques were made to myself.   Can anyone give me any guidance on this?.

dunstonh

. Do I need to declare this to the tax office,

If the estate was below the IHT threshold then no.

DAB01

Thanks for your prompt response, I guess I can spend the money, but not invest it to make a profit, is that correct.

Albermarle

DAB01 said:

Thanks for your prompt response, I guess I can spend the money, but not invest it to make a profit, is that correct.

You can do what you like with it . It is now your money.

jimjames

DAB01 said:

Thanks for your prompt response, I guess I can spend the money, but not invest it to make a profit, is that correct.

Why do you think you can't invest it?

eskbanker

DAB01 said:

My father send me a cheque for £7000 in July 2021. He passed away in August 2021 and I have been handed a further cheque for £12000 from his inheritance (February 2022)
. Do I need to declare this to the tax office, I am currently retired on £5000 a year and do not receive any other income. My understanding in that the money was for both myself and husband even the cheques were made to myself.   Can anyone give me any guidance on this?.

What makes you understand that the money was for both you and your husband?  The executor of the will should have shared its details with you, so there should be no doubt as to exactly who is the beneficiary of the inheritance.

The executor should also have taken care of all inheritance tax matters, including the July 2021 £7K - was this included in the calculation of the net estate value?