UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
It seems to be on the actual £100k I inherited it as it was in a bank account but did not really earn much interest in the year or so it was in the account..
My statement says income received was employment money, trusts and estates totalling £249k with tax due on all...
yes - in the sa107 trusts section of the tax return
If you inherit money, there is no need to disclose it to the tax office unless you are asked why you suddenly seem to have earned alot of bank interest, for example. You have disclosed the £100,000 inheritance which isn't taxable on you, as income. You need to amend the tax return by doing away with the trust pages unless you have income from a trust and put a note in the white space (box 19 on page TR6 of the return to explain the mistake. The tax office should then amend the tax calculation but you might be asked to provide evidence of the source of the inheritance. The executor of the deceased estate from which you inherited should be able to assist in that regard.I hope this helps but let me know if you have any further questions.