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 TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I have inherited some money from my uncle who has died, do

Resolved Question:

I have inherited some money from my uncle who has died, do I declare this and do I pay tax on my inheritance.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Ho long ago did your uncle pass away?
Customer: replied 2 years ago.

He died on the 3rd April 2012

Expert:  TonyTax replied 2 years ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 2 years ago.

Hi again.

You won't pay tax on the inheritance itself. Any Inheritance Txx liability shouild have been paid by the estate executor. However, given the period of time that has elapsed since your uncle died, if the payment to you includes interest or other income such as dividends on shares, that will be taxable and should be reported to the tax office if you consider that you may have a tax liability. You don't need to declare the inheritance itself.

Normally, any bank interest or other income received by an executor will be assessed on the estate and dividends are treated as basic rate tax paid. If there was any income paid to you, the executor should have provided you with a certificate R185(Estate Income) detailing the income element of the payment you received and the tax paid on that income.

Take a look here for information on who pays Inheritance Tax.

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

TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

I am the executrix and the estate has been completed by ITC (probate company)

Expert:  TonyTax replied 2 years ago.
Any liability to Inheritance Tax and any other debts the estate may have had should have been settled before any payments to beneficiaries. It may be that there was no IHT to pay. ITC will be able to tell you whether the esate administration period is ended and their file closed.
Customer: replied 2 years ago.

Excellent

Expert:  TonyTax replied 2 years ago.
Thanks for accepting my answer.

Related Tax Questions