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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Do I have to pay tax on money my brother-in-law has inherited

Resolved Question:

Do I have to pay tax on money my brother-in-law has inherited from his father, some of which he wants to pass on to me as the widow of his brother. I was not named in my father-in-law's will.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

You won't have to pay any tax on a gift to you by your brother-in-law. As far as your brother in law is concerned, he will be making a potentially exempt transfer which means that if he lives for at least seven years after the gift is made, its value won't be included in his estate for Inheritance Tax purposes. Take a look here for information on who pays Inheritance Tax.

It is also possible to change a will by executing a deed of variation which you can read about here.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.

Would this apply to an amount of £43,000 ? I want to pass about £10,000 out of this amount on to each of my two sons, so will they have to pay anything either ?

Expert:  TonyTax replied 3 years ago.
There will be no tax to pay on any of the sums you mention.
Customer: replied 3 years ago.

Thank you very much indeed for your help. I am very grateful.


Kind regards.

Expert:  TonyTax replied 3 years ago.
Thanks.

Keep a record of the gift to you and the gifts you make to your children.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15842
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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