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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I received approx. £206,000 from a will and would like to

Resolved Question:

I received approx. £206,000 from a will and would like to know what tax liability I have if any.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Was the legacy all in the form of cash? Who left the money to you?
Customer: replied 2 years ago.

This was a legacy from an aunt who left me £100,700; and the remainder from a deed of variation by my mother who asked the solicitors to distribute her legacy between me and my siblings.

Expert:  TonyTax replied 2 years ago.
Thanks.

You won't have any tax to pay on the capital left to you personally but if you invest it, any income or gains it produces you make will be taxable. If any part of the payout you have received is income earned by the estate since your aunt's passing, then that will be taxable income and the executor or the solicitor involved will be able to let you know if there was any income.

The executor of the estate and any solicitor involved will have settled any Inheritance Tax liabilities before the balance of the estate assets was distributed.

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