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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have inherited some money from my uncle who has died, do

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I have inherited some money from my uncle who has died, do I declare this and do I pay tax on my inheritance.

Ho long ago did your uncle pass away?
Customer: replied 3 years ago.

He died on the 3rd April 2012


Leave this with me while I draft my answer.

Hi again.

You won't pay tax on the inheritance itself. Any Inheritance Txx liability shouild have been paid by the estate executor. However, given the period of time that has elapsed since your uncle died, if the payment to you includes interest or other income such as dividends on shares, that will be taxable and should be reported to the tax office if you consider that you may have a tax liability. You don't need to declare the inheritance itself.

Normally, any bank interest or other income received by an executor will be assessed on the estate and dividends are treated as basic rate tax paid. If there was any income paid to you, the executor should have provided you with a certificate R185(Estate Income) detailing the income element of the payment you received and the tax paid on that income.

Take a look here for information on who pays Inheritance Tax.

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

TonyTax and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

I am the executrix and the estate has been completed by ITC (probate company)

Any liability to Inheritance Tax and any other debts the estate may have had should have been settled before any payments to beneficiaries. It may be that there was no IHT to pay. ITC will be able to tell you whether the esate administration period is ended and their file closed.
Customer: replied 3 years ago.


Thanks for accepting my answer.