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Do I pay tax on cash inheritance?

(3 Posts)
wisecamel Thu 09-Dec-10 10:53:35

I am likely to inherit around 20K in the next few months from a family member. There's no inheritance tax to pay on the estate, but will the inheritance count as additional income for me, and will I therefore have to give 40% to the taxman as i am a higher rate tax payer? I'd like to use it to pay off a bit of the mortgage.

I can't find straightforward facts on the .gov site - can anyone here help?

Thanks

riksti Thu 09-Dec-10 10:55:54

No... inheritance is not considered your income for income tax purposes. Therefore there is no additional tax to pay on the 20k that you get.

wisecamel Thu 09-Dec-10 10:57:40

You've just made my day. Thanks!

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