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Tax questions
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speedy100e
Posts: 1 Newbie
in Cutting tax
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
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
0
Comments
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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:0
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