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Legal Eagle Q&A: Do I Pay Tax on Inheritance?
Question: I have been left £25,000 by someone in their will. Do I have to pay tax on it?
Answer: Most fixed amounts (known as legacies) in wills are left free of inheritance tax, and therefore you would not in such case pay any inheritance tax, and as it is not earned income you would not pay income tax either. However it is always worth checking with the person dealing with the probate there are no tax implications for you.
This article is by Melinda Giles at Giles Wilson Solicitors.
For legal advice please call 01702 477 106 or visit one of Giles Wilson's offices: 1711 London Road Leigh, 54 Leigh Broadway, 5 Roche Close Rochford
Website: www.gileswilson.co.uk
Twitter: https://twitter.com/GilesWilsonLLP
Facebook: https://www.facebook.com/GilesWilsonSolicitors/
If you would like to put forward a question to Melinda, please comment below or email joanna@leigh-on-sea.com
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