How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11556
Experience:  30 years as a practising solicitor.
31090051
Type Your Law Question Here...
JGM is online now

I might receive a lump-sum from a great-aunt domiciled and

Customer Question

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?
Submitted: 3 years ago.
Category: Law
Expert:  JGM replied 3 years ago.
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.

Please leave a positive response so that I am credited for my time.
JGM and 2 other Law Specialists are ready to help you
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?

Expert:  JGM replied 3 years ago.
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.