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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5143
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My mother passed away in January leaving money that had in

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My mother passed away in January leaving money that had in turn been left to her by her mother the year before (£120,000) this money has now passed to me as we have it in a joint bank account. (Account is held in Jersey with Natwest) Do i need to put this on my mother's IHT205 form as an asset. She has an additional £24,000 (made up of 2 ISA's £16,320 and £5077 respectively and £3,000 premium bonds) which will pass to my father. thank you

Hello and welcome to the site. Thank you for your question.

If the monies were your mother's (she inherited this sum from her mother) irrespective of the fact that you had a joint account, you should include this sum as her asset when completing IHT205.

More information on this can be found on Page 17 of IHT206-2011 (notes)

I hope this is helpful and answers your question.

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Customer: replied 3 years ago.

Thank you. Do I need to do anything myself to declare or complete any form for my own tax purposes or because it is below the IHT threshold it is not required? Karen

Karen, thank you for your reply.

You don't have to report any sums you have inherited to HMRC on any form for your own tax purposes.

I hope this is helpful.

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