My fathers estate left me and my brother a medium size amount of money. Do we have to inform the Tax Office ?

Question

I believe it is not neccesary unless the estate was over £300,000 !!

Answer 1

Depends on the total amount of the estate - the executors of the will should have dealt with this.  Check the will, if you're not named as an executor then don't worry about it.

If you are, on the other hand, then if the TOTAL value of the estate (ie the value of everything your Dad left) is more than £300,000 then all the money above £300,000 is taxable at 40%.  You need to check the exact threshold in force on the date of death (I know that it was 300k for Jun 08, but believe it is going up).

Answer 2

Depends if you are the executors. A solicitor will guide you if there is any liability, which gets paid from estate funds, before estate distributed.

If you are only a beneficiary, you don't get taxed on any inheritance, but if you invest it, you will have to pay tax on any interest.

Answer 3

Not unless it's over £300,000!!

Answer 4

No.

Answer 5

I think your solicitor or executor has that responsbility. But I would ask at the citizens advice just to make sure.