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Original poster

Confused about tax after partners death

3 replies

Sylvia53 · 05/08/2023 17:13

Hi, earlier this year my partner transferred me some cash. He died a couple of months later. (He didn't have a will.) It was more than 10k but less than 50k. I am seeing confusing information regarding whether it's a gift or inheritance and if I need to pay tax on it. Can somebody point me to the right info please?

OP posts:
Thistooshallpsss · 05/08/2023 17:19

The only tax would be inheritance tax that his estate would pay. The exemption is something over £300000 so unless he had lots more assets or a house then there is no tax to p. Who is dealing with the administration of his estate they would be the ones to deal with any issues

Original poster
Sylvia53 · 05/08/2023 17:37

Thistooshallpsss · 05/08/2023 17:19

The only tax would be inheritance tax that his estate would pay. The exemption is something over £300000 so unless he had lots more assets or a house then there is no tax to p. Who is dealing with the administration of his estate they would be the ones to deal with any issues

Thanks, that's what I thought. He didn't have anything else. And do I have to declare this money somehow?

OP posts:
DancingLedgend · 05/08/2023 18:07

Sorry for your loss.

Every estate gets an allowance of £325,000, that can be left, (and possibly further allowances)that is free of IHT.

If the total amount of the estate is below this, IHT simply doesn't apply.

If the amount you recieved+ the total your partner left after their death( in money, goods and property) is less than £325,000 you can safely put all thoughts of tax and declaring the transfer out of your head.

If it's more, you probably need professional advice.

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