Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
Inheritance \tax (IHT) kicks in at 325K and is at 40% flat rate on any surplus. The executors or administrators of your grandmother's estate will settle any IHT due before distribution. The inheritance comes to you tax free and does not need to be declared on your self assessment tax return, if indeed you make one.
I do hope that I have set your mind at rest on this matter.
Correct, nothing to pay.
Please be so kind as to rate me before you leave the Just Answer site.
Thank you for your support.