Monetary Gift from Deceased Father's/Grandfather's Estate

Hello. I would like some advice please. My adult children and I received monetary gifts from my late father's estate. Do we need to inform HMRC of these gifts and if so what forms do we need to fill in and send to HMRC? (My father passed away in December 2021 and we received the money in the 2022/23 Tax Year}.

Hi,

There are no Income Tax implications on the receipt of a cash gift, but you may wish to speak to inheritance tax regarding any inheritance tax implications

How Inheritance Tax works: thresholds, rules and allowances - Rules on giving gifts

Inheritance Tax: general enquiries

You may also want to review the guidance at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.