Inheritance tax help

tweacle

Hi 

Im confused as if I have to declare to HMRC.  A few years ago I lost my dad and all his life insurances paid out and money left to my mum.  Now my mum has passed away and her life insurance payments have been paid to me.  They were under 20K in total and there were no property to deal with as they only rented property.

I thought I see something saying that because money not left to next of kin it need to be declared? 

I could say im next of kin as I am an only child.

Any Thoughts?

Flugelhorn

declared for what purpose? were your parents' estates liable for inheritance tax? 

Keep_pedalling

Your mother’s estate would need to exceed £650k before it would be in IHT territory so you have nothing to report. The life insurances almost certainly fall outside their estates otherwise you would have needed to apply fotr probate before they paid out.

tweacle

Big thanks keep pedalling