Tax

Do we pay tax on inherited money just curious thankyou xxx

[Hidden]

The estate of the deceased person pays the tax if the amount is over the IHT free allowance. Then any bequests are distributed tax free from the balance remaining. I hope that helps.

[Hidden in reply to Hidden]

Thanks littlepom IHT????

[Hidden in reply to Hidden]

stands for inheritance tax. I forgot to say that any bequests to charities are paid from the gross amount of the estate before any tax is deducted from the remaining amount and they are tax free to the charity.

[Hidden in reply to Hidden]

Thank you so much appreciate the help 💐

[skischool]

A little pressie just for you Angie

gov.uk/inheritance-tax/over...

love.....skis

[Hidden in reply to skischool]

Thank you skis so everything under £325. 000 is tax free 😀😀😀

[skischool in reply to Hidden]

Probate and inheritance tax are now both completed within the same process so the executor of the estate should have bottomed this off.

Been there done it seen the movie,benefits.pip,compromise agreements with employers.occupational pensions,probate inheritance tax inheritance tax in spain,Spanish land registery et al.All done without money grabbing solicitors who want to rip you off to fill out forms available to joe public.Rant over my only failure was i got stuck with bloody Scruffy cat,So i am not as smart as i think i am!..Enjoy your inheritance,....skis

[Badbessie]

Depending on the amount, the terms of the will the tax should have been taken out before it is divided. This should be sorted when probate is granted.

[Hidden in reply to Badbessie]

Thank you trouble xxx

[Budgie1954]

Hi Angie. I believe the threshold is to be increased

[Hidden in reply to Budgie1954]

Hi you thanks for reply xx