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Tax & Benefit from a Will advice.

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  • Tax & Benefit from a Will advice.

    I have recently been left a sum of money from a friends will, will I need to pay tax on this?

    Also if I should wish to give a percentage to my two sons will they need to pay any tax?

    Thanks for any replies.
    Tags: None

  • #2
    No & No (However, if they are under the age of 18, there is a limit to the amount of interest a child can earn on the money that you gift to them)

    If you were to pass away within 7 years of your gifting there might be IHT implications


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