Question
Does my wife need to declare an inheritance in her tax return?Answer
No. She will have received the inheritance after any inheritance tax owed by the deceased's estate had been paid - so there's no tax payable in her hands.
Just bear in mind that if she's earning an income or return on the money (since receiving it), for example maybe it's getting interest in a savings account or she's invested it, then the money earned might have to be included in her tax return.
If she doesn't normally complete a tax return then the simplest way to find out if she'll need to is to look at the HMRC website here, which gives a list of criteria for when a tax return is required.
Does my wife need to declare an inheritance in her tax return?Answer
No. She will have received the inheritance after any inheritance tax owed by the deceased's estate had been paid - so there's no tax payable in her hands.
Just bear in mind that if she's earning an income or return on the money (since receiving it), for example maybe it's getting interest in a savings account or she's invested it, then the money earned might have to be included in her tax return.
If she doesn't normally complete a tax return then the simplest way to find out if she'll need to is to look at the HMRC website here, which gives a list of criteria for when a tax return is required.
Read this Q and A at http://www.candidmoney.com/questions/question465.aspx
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