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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4069
Experience:  FCCA FCMA CGMA ACIS
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My children, nephews and nieces have become benefiseries in

Customer Question

My children, nephews and nieces have become benefiseries in my Dads will. The bank were appointed as trustees. Inheritance will be paid before being paid out. The Bank is also taking a nice slice - about 11 thousand. Do the grandchildren still have to tax when they finally receive what's left?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

In a word, no; they receive their inheritance free of tax The Inheritance Tax has already been paid before distribution by the bank. I cannot comment on the bank's slice, but personally would never appoint a bank as my executor!

I do hope that I have set everybody's minds at rest on this matter.

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

Thank you very much for that. I can now relay this message and make some young people very happy.

Expert:  bigduckontax replied 2 years ago.

Delighted to have been of assistance. Remember, once they have their money, if they invest it then income will be subject to Income Tax.

Please be so kind as to rate me before you leave the Just Answer site.

Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
Customer: replied 2 years ago.

I have already paid £36 for my reply and now I have been billed another £46 which I had not bargained for. I have sent an email and no one has replied. Please reimburse my payment as I do not wish this to happen again,

Kind regards

RG Donnelly

Expert:  bigduckontax replied 2 years ago.
I regret that this request is outside my province; I just respond to questions on the site. Something seems to have gone wrong, but you must approach Just Answer administration on this matter. I am so sorry that I am unable to assist.