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20 August 2010

does an inheritance have to be declared on a tax return

my father left my daughter a sum of money in his will, free of tax, his estate has paid all the tax. she is completing her tax return and wants to know whether she needs to declare this inheritance and whether she will then be taxed again. I have told her she will have to pay tax on any interest it earns which will have to be declared. HMRC have told her she should have SA107 and R185 but her inheritance was nothing to do with the trust which was formed from the residue of the estate after the bequests had been paid. she is not living in the UK and is not on PAYE but does have other income

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