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JGM, Solicitor
Category: Law
Satisfied Customers: 11556
Experience:  30 years as a practising solicitor.
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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.

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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?

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.