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Category: Tax
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I have been left money in a will,solicitors say i have to

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i have been left money in a will,solicitors say i have to pay national insurance and income tax ,its left in discretionry trust fund ,and a gift a bequithe,in will ,i thought trustees contacted h.m.r.c not me .? please can you tell me what i need to do,so they can give me my money .thanks
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

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

Were it a straight bequest then there would be no tax due as distributions would me made after any Inheritance tax (IHT) was paid. Trusts are more complex and it depends upon the type of trust. the Gov UK web site gives a summary here:

Unless this is an employer benefit trust then the application of NI appears a tad odd and the executor should be challenged.

The executor should be paying you the benefits from the trust after deduction of tax and NI, the latter unlikely, and advising you of the calculation rather as an employer does with a wages slip. If there i much more shilly shallying on the part of the solicitor report their antics to the Law Society, their regulatory body. Be firm with them and demand your trust benefits or face the consequences.

I do hope that I have shown you a way forward in this matter.

Customer: replied 1 year ago.
Thank you so much , this has helped me I am now on my way to solicitors , I'm very grateful you have been a great help , I could hug you . X
Expert:  bigduckontax replied 1 year ago.

Delighted to have been of assistance. As a starter for ten ask them for their statutory authority for such antics.

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

Customer: replied 1 year ago.
How do I know if it is an employer Benifit trust
Expert:  bigduckontax replied 1 year ago.

You must ask and they must tell you; in the scenario of your question I think this most unlikely.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.

Thank you for your support.

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