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.
Thank you very much for that. I can now relay this message and make some young people very happy.
Delighted to have been of assistance. Remember, once they have their money, if they invest it then income will be subject to Income Tax.
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