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: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

Do I have a tax liability as a beneficiary of my late wife's

Resolved Question:

Do I have a tax liability as a beneficiary of my late wife's will? No inheritance tax was due.
My wife's savings were part of our shared Pension and Care funds, would that also attract tax?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

Cash and assets left to a surviving spouse are exempt from Inheritance Tax. You won't pay tax on the capital you receive. Any income the cash and assets produce in your hands will be taxable on you. If you inherited a source of income from your late wife such as a pension, the income you receive will be taxable.

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

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

It's been a few days since I answered your question. Is there anything you need further clarification on?