Could anyone give me some advice on cash left as inheritance. Am I right in saying this is tax exempt and do not have to include on personal tax return? Approx 20K.
Just have to include bank interest received on that income (which has already been taxed).
Trying to find out more details at the moment, just going by the amount paid into the bank.
I don't think that a cash inheritance is tax exempt. I believe that Inheritance Tax should be taken care of by the will executors or whoever manages the disposal of the deceased's assets. They should normally produce statements detailing how the assets have been disposed of and whether or not the relevant tax has been deducted.
I'm not an expert of inheritance tax though.
Fabs
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