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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31861
Experience:  Over 5 years in practice
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If a person changes the name of s beneficiary to a different

Customer Question

If a person changes the name of his beneficiary to a different name. Will the new person's whose name is ***** ***** beneficiary have to pay income tax before the money is transferred into the new beneficiarys name. How much income tax would you pay on £500,530.00.
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
Do l have to pay tax on the beneficiary before l get it. Can l not use the beneficiary money to pay for the income tax.
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Can you explain a little more about the background of your question please

Customer: replied 1 year ago.
A family member who is still alive have changed the beneficiary from his name to my name. So the money is from a lnternational transfer. Do l have to pay income tax on beneficiary money before it gets transfered into my account.
Customer: replied 1 year ago.
They have requested that l pay tax on the beneficiary money which is £14,530.00.
Expert:  Clare replied 1 year ago.

Where does the beneficiary live?

Customer: replied 1 year ago.
He lives in the UK. But the his beneficiary money was in SA
Expert:  Clare replied 1 year ago.

How well do you know this person