income tax

[libfor]

what tax will I have to pay if I am left some money

[WoWo]

Depends how much you have been left. Its taken out of the estate as a whole and not your share. If the estate is over �250,000 then tax will be payable at 40% for the money over that amount. Lets say you are left �10,000 by Uncle Bob as long as there is enough funds in the estate then you wouldn't pay tax on it.

[kags]

As WoWo says, the estate from which you receive the money will pay any Inheritance Tax which is due and the money you receive will then be free of tax. If you invest it and it earns income, then that income will be taxable in the normal way. One final thing, if the estate takes a while to wind up, you may receive some income from your share of the estate before you receive the lump sum - the executors will pay tax on this before you get it, but if you are a higher rate tax payer, you will be liable to pay the difference.