Declare inheritance on tax return?
|Tax | Income Tax
Asked by talmangalis, submitted
03 May 2011.
Does my wife need to declare an inheritance in her tax return?
Answered by Justin on 03 May 2011
No. She will have received the inheritance after any inheritance tax owed by the deceased's estate had been paid - so there's no tax (inheritance, income or otherwise) payable in her hands.
Just bear in mind that if she's been earning an income or return on the money (since receiving it), for example maybe it's getting interest in a savings account or she's invested it, then the money earned might have to be included in her tax return.
And, if relevant, the money might also affect her entitlement to some state benefits.
If she doesn't normally complete a tax return then the simplest way to find out if she'll need to is to look at the HMRC website here, which gives a list of criteria for when a tax return is required.
Please note this answer does not constitute a recommendation or financial advice and should not be relied upon when making specific
investment or other financial decisions. You should always undertake your own research into whether a product or service is appropriate for your needs and, if
necessary, use a qualified professional adviser.
If you found this answer helpful, please add your vote by clicking here
Readers' Comments (0) - To post a comment please register or login