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paul s | I have been left £13000 off my dad in a pension,will i have to pay inheretance tax? |
any info would be brill,i do not know |
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Paul S
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first of all no, you dont pay tax on money received. his estate pays the tax if it is worth over £250k i think is the limit and any distribution is paid out after the estate has paid any tax due.
you dont even have to declare the £13000 to the tax man either as it isnt taxable.
if however you do complete a tax return, the it may be worth putting a note in the white space on page 10 of the form stating that you received £13000 inheritance assuming you havent spent it and its sitting in a bank account earning interest. This is to stop them asking a question if you have increase bank interest received compared to previous years. |
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harry
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no ,only after you get from £250,000 |
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Bluebudgie21
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id ask a solicitor,its the safest way.good luck! |
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Linda L
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no the tax will only come in for amounts of £250.000 and above ,if that's all you have been left then you are OK. |
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princess_coffey
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If you're in the UK and the pension was set up under trust, any benefits payable on death are generally paid at the discretion of the Trustees and are therefore exempt from inheritance tax. The safest bet is to check with the administrators of the pension as they will be used to providing this information.
Hope that helps. |
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Mark B
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It all depends how much he has given you previously and how much he has given to others. Just because its deemed a small amount does not mean you avoid the tax. Don't go to a solicitor, they will charge you an arm and a leg, best go to citizens advice. |
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Scrimboblik
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Go to citizens advice as listening to a reasonable answer on here may cost you.
You will find there is an upper limit on inheritance and gifts and 13k is well under the limit. |
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focus
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No this amount is well under the limit for tax. |
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suerye
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Do you mean you are now in receipt of an annual pension of £13000 from your late father's employer as his dependent? If so, this is liable to Income Tax. Tax will be deducted under PAYE before the pension is paid to you. If you are inemployment, you would probably be liable to 22% tax on the pension, but is this is your only source of inceom then your tax free allowance of £5225 for this year is availabel to set against it.
Need more info to be more precise. |
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Onestep downfrom God
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I don't understand the question. Pensions can't be passed on, they die with the pensioner.
Anyway, the executors will pay any inheritance tax due. If it was bequeathed free of tax you will get £13,000. If it wasn't, then a proportion of the tax due on the estate (if any) will be deducted. |
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FRANK W
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not on such a small amount. |
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