Tax on inherited money
 

Guys,

My brothers fiancee has just inherited a chunk of money which is a 1/3 share of a property which is being sold.

Question is, does she pay tax on the money which will be approx. £40k?:wonder:

The whole estate of the deceased comes under the IHT threashold.

Anyone know?

I dont think she will. Its only if the property is worth over 240k I belive.

No, and its £285 not £240. (and its the estate value not the property value)

Post budget IHT 'Nil Rate Band' (the amount up to wich no IHT is charged) is now £285,000.

Anything over that is subject to tax @ 40% (a few small exceptions).

She won't pay tax, but the estate might.

D

"the whole estate of the deceased comes under the IHT threashold."

not IHT it wont, if the prop being sold was not a primary home then there may be some CGT to pay, etc but from the sound of things (if its as simple as described) no one pays any tax.