Inland Revenue question

[Squash64]

I have been left some money in a friend's will.  Do I have to declare it to the Inland Revenue?

[Squash64]

[lillian]

I think you do.

Have alook at the www.hmrc.gov.uk

[Unwashed]

I think not Betty.  See here.

I am to receive a legacy. How will this affect my Income Tax liability?

Usually you will not have any Income Tax liability when you receive a legacy, unless it:

    * Consists of an asset that produces income, for instance a bank account, shares or a rented property. The income that the asset produces is your income, just as if, for example, you bought the shares out of your own money.
    * Is paid late and the personal representative pays you interest on it. The interest is part of your income for tax purposes for the year in which it is paid. It will generally be paid to you without tax deducted, so you must report it to us even if you are not sent a tax return.

[Jill]

and some more details at http://www.hmrc.gov.uk/inheritancetax/tax-when-you-inherit.htm

[rugbypost]

 :) There no tax on a gift and your friend god bless her that is what they have given you (Enjoy) :)

[cambourne7]

I think they just like to know as there nosy :)

But consider sticking it into an ISA or bond until you know what to do with it :)

Hugs

xx

[Digeroo]

Nice to know you are now a millionaire ;D

[Squash64]

Thanks everyone.  :)