Declaring inheritance

A legatee has received their legacy plus statutory interest. Do they need to declare the interest on their income tax return?

Hi samanthaT,
If this is actually part of the legacy then no.
Thank you. 

Is inheritance tax payable on debt repayments made to an estate? My mother has loaned a substantial amount of money to relative (over £500k) who is repaying it in installments (they have a contract for this). I am the sole beneficiary of my mother's estate so when she passes away I will own that debt and the repayments will continue being made to me until the capital is paid off. Would I have to pay inheritance tax or income tax on these repayments?

Hi,

Please contact the Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.