Do I have to pay tax on money left to me in a will in the UK?

Answer 1

The short answer is no. That money will have been taken into account in computing Inheritance Tax on the deceased.

Depending on the exact nature of the money left to you, you may have earned income from the estate and you would have to declare that. The solicitor dealing with the estate can tell you if that is the case and when you can expect the form that details the income you received.

Answer 2

Hi Dave,

technically any income is subject to income tax. Whether this particular legacy will require payment of tax will depend on the amount of the legacy and the amount of other income you have over the year. This combined amount will be set against the amount of tax allowance you are personally allowed.

You will be required to declare the amount of the legacy when you make your tax return and failure to do so will render you liable to prosecution.

Good luck (and congratulations)

BobSpain