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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Hi is this site anonymous from the revenue?

Customer Question

Hi is this site anonymous from the revenue?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

The site has no connection with HMRC so you can ask your question safely.
Customer: replied 2 years ago.


My aunt saved up from her pension hoarding large amount of cash around her house. I have put it all in my account for safety. i am the main beneficiary of her estate. Could I be taxed?

Expert:  TonyTax replied 2 years ago.

You won't be taxed on the capital that you have put into your account as it isn't yours. You should keep a record of the sums you are holding on your aunt's behalf. Preferably, you should open an account in her name but I realise she may not want to do that.

The banks and other deposit takers have to inform HMRC of credit interest and to them it will look as it the interest is yours. If any interest is earned, it will have 20% tax deducted and if you are a higher rate taxpayer, you will have further tax to pay on that interest and should report it to the tax office. If your aunt is a non-taxpayer, you could open an account in her name and have the interest paid without deduction of tax at source. Otherwise, it will be difficult to split it between you based on your respective shares of any bank balance and it make trying to deal with the tax office difficult.

 

When you aunt dies the cash will form part of her estate for Inheritance Tax purposes. When it formally becomes yours, you will have no tax to pay on the capital personally.

I hope this helps but let me know if you have any further questions.

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