Tax & Benefit from a Will advice.

Bobbyboy

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Joined: Oct 2017

Posts: 66
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#1

Tax & Benefit from a Will advice.

19th February 2021, 15:40:PM

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.

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des8

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Joined: Mar 2013

Posts: 20760
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#2

19th February 2021, 15:47:PM

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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Tax & Benefit from a Will advice.

Tax & Benefit from a Will advice.

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