I have inherited some money

[callmeovercautious]

2 questions:

1. Do I have to tell the tax man I am £7k up this year

1. What would you spend it on? House, Garden, save for DD, clothes (Cod?) etc. Bearing in mind that Grandma enjoyed life to the full?

Thanks

The tax liability is borne by the estate - so no you don't have to declare an inheritance.

Of course if you earn income from that inheritance (interest etc) then you would have to declare that

What would I spend it on? Well that is up to you of course but how about spending some of it on something that would last that you could look on and remember Grandma. A picture or a piano or a piece of silver or something that you can pass on to DD.

Congrats on the money

1. Don't know - will the probate office tell them?
2. Assuming no o/s debts need urgent attention, save it for a holiday so you get some fabby memories, maybe put some aside for DD in a trust fund or similar for university/other costs.

Thanks! Quattrocento - am dropping it in to our flexible mortgage for the time being so that should take care of any tax on savings liability.

Am thinking of a little for DDs savings account and some for the house etc. We are getting married this Summer so I want to do something at the reception that is "paid for" by her. Any wild suggestions welcome. She used to travel to Parties on the back of Grandads motorbike and change clothes in the Ladies when they arrived She always looked really good in the pictures. I was thinking about some sort of entertainment. We are having a DJ, has anyone had a Magician?

x posts LL. Thanks - that is a good idea as well.

I am a bit confused over all this really. Grandma Died last Summer and my Dad called tonight to say he is putting a Cheque in the post so I am in a bit of shock over it all. I kind of knew there was something to come but not anything like this.

I think I will sit on it for a while.

when my dad died 3.5 yrs ago I also inherited a similar amount.

first thing i did was paid to have my eyes lasered. the rest seemed to just disappear into the abyss, but I always think of my dad every day Im grateful not to be wearing glasses.

She was LL Painted red toe nails the lot

We went to a Christmas Ball at the officers mess last year (Dads last before he retires) and the Magician was great, he did some fairly standard card stuff but managed to hide a £20 note from my Dad that had the whole room in fits . I think the rude Waiters may upset some of my guests though

Might try and get the Magicians number without my Dad knowing.

Pillowcase - don't tempt me! DD does not recognise me without my specs

Dad is Army, in Essex. He retires this year, joined at 15 in boy service 40 years of service! Goodness know how he will cope!

I have a good friend who's a close up magician his website is:

Here

Thanks Shiny - we are in the East though.

LL - yes, but only from the services, he has a new job to go to that should keep him out of trouble.

Invest the money in wine until you need to use it in the summer. Much higher returns than on a savings account if anyone you know nows anything about wine.

I know lots about it - well drinking it anyway