Do I need to pay any form of tax?

orangeprojec | 21:38 Tue 04th Sep 2007 | Personal Finance

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I am trying to establish if there will be any tax for me to pay on inheritance due to me. Firstly the estate is valued at well under the threshold for Inheritance tax but will I need to pay any other form of tax i.e. CGT or Income tax? the estate is valued at around �150k which is to be split equaly between 8 beneficiaries.

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dzug

There is no tax until you invest your inheritance. After that you will be liable to income tax on the interest.

unless you decide to spend it...on which case...no tax......apart from VAT of course which seems to be paid on everything these days...!!

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