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bigduckontax, Accountant
Category: Tax
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If I receive £3,000 cash from my grandmother on her death,

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If I receive £3,000 cash from my grandmother on her death, do I have to pay tax on it - or is this exempt under inheritance tax (her assets do not total more than £300,000)

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.

Customer: replied 1 year ago.
given that her bank accounts, shares etc amount to less than £325k, no tax is due? I just want to be total clear. Thank you!

Correct, nothing to pay.

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