I am a 64 year old woman and pay tax at the basic rate. I have inherited £11,000 in this tax year. Will I have to pay tax? and how much can a basic tax payer receive in money, following a bequest. Thank you.
Hi.You won't have to pay any tax on the inheritance insofar as the sum you received is exactly what was left to you in the will of the deceased. If any interest is added to it or is included in the figure of £11,000, then that is taxable but it will have suffered tax at the basic rate so there will be no more tax to pay. It's likely that the whole sum is capital but the executor of the estate will be able to confirm that one way or the other. There is no limit to what any individual can receive as a cash bequest so long as it is all capital and not income.Let me know if you have any further queries.TonyTax41090.4631416319
Yes, after caring for this gentleman for 20 years, I am the executor of the estate.
Thank you for your help.
It has made me feel much better!