jaykay
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RE: Declaring inheritance
Hi, I am in the process of inheriting thirds of my late mothers estate which includes a UK property. When Probate was applied for the value of the estate was under the inheritance tax threshold. The house is being sold and the value remains under the threshold so we won't be paying any inheritance tax. My question is - I am self employed, do I need to declare or mention the income from the sale of the property or from the estate in my annual self assessment or any where else? Many thanks.