2007-03-18 12:18:00 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
What I mean is that after inheiritance tax has been paid by the estate do the individuals that share whats left get charged income tax on the bequests left to them
2007-03-18 12:30:44 · update #1
No. Also the estate does not pay any tax unless it is a very large inheritance, I'm not sure of the amount, but it is over $250,000 and I think quite a bit more than that.
2007-03-18 13:53:18 · answer #1 · answered by irongrama 6 · 0⤊ 0⤋
Not after you receive the inheritance.
The deceased's estate should handle all the estate taxes, and then distribute the remainder.
Thanks to President Bush and the GOP congress, a person really has to have a large estate, I think it's around 1,000,000 now, before estate taxes kick in.
2007-03-18 19:24:41 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Not on the receipt but any income generated from the inheritance (e.g bank interest etc) will attract income tax.
2007-03-21 05:23:46 · answer #3 · answered by ~cathy~ 1 · 0⤊ 0⤋