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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11873
Experience:  30 years as a practising solicitor.
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I might receive a lump-sum from a great-aunt domiciled and

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I might receive a lump-sum from a great-aunt domiciled and living in the Isle of Man as part of her inheritance. The money received will be well under the UK inheritance tax threshold. If I were to receive the money, will I have to declare it and will I have to pay any tax on it?
Thank you for your question.

No, a beneficiary does not pay tax on a legacy. The estate is liable for inheritance tax, if applicable, which you say it won't be in this instance.

There is no tax, income or otherwise, to be paid on a legacy.

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Customer: replied 3 years ago.

Thank you very much for the quick reply. Can I ask one more question? If I would not be the beneficiary, but the beneficiaries would be my parents who live in Europe. If they give it to me, would that change the situation?

If the legacy went to your parents and they then gave it to you, it would be a gift from your parents and there would still be no tax payable by you under UK law.