We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 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!

Tax questions

Newbie alert!

I am about to inherit £80K from the sale of a deceased relatives house.

I have a 6 month old baby and a wife whose maternity pay is about to run out, and does not want to go back to work.

If the money is in her name in a savings account will she pay tax on the interest?

Anything else to look out for? Having this sort of money is a very new and daunting experience.

Speedy

Comments

  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    It depends on how much the interest is and whether your wife is claiming JSA. If the interest plus JSA and any other taxable income does not exceed £5435 from 6 April, she will not be liable to tax and will be able to register to have the interest paid gross.
    £705,000 raised by client groups in the past 18 mths :beer:
This discussion has been closed.
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
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K 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.