How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas, Solicitor
Category: UK Tax
Satisfied Customers: 7432
Experience:  Exposure to general tax issues
Type Your UK Tax Question Here...
Thomas is online now
A new question is answered every 9 seconds

Do i pay tax on money left to me in a will?

Resolved Question:

Do i pay tax on money left to me in a will?
Submitted: 4 years ago.
Category: UK Tax
Expert:  Thomas replied 4 years ago.

Thanks for your question .

Inheritance tax is payable on estates if the value of the estate is over the nil rate band threshold. The threshold is currently £325, 000.00.

In the event that IHT is payable on the estate then the Will should confirm whether the monies payable to you are subject to IHT. The clause which confirms that you should receive the money may state “subject to inheritance tax”. If it does then the amount you receive will be reduced by the proportion of tax payable in respect of it compared to the rest of the estate.

You need to speak to the executors of the estate about whether your gift is subject to tax or not. If there are no such words stating that it should be subject to tax then you should receive the whole amount free of tax.

If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”.

Kind regards,

Thomas and other UK Tax Specialists are ready to help you

Related UK Tax Questions