Do I have to pay tax on money and property left by a deceased relative as unearned income?
If you are in the UK, you won’t have any personal tax liability. The estate may be liable to Inheritance Tax. Are you the Executor? Sorting that is Executor’s duty. If you are only a beneficiary, the only tax liabilty would occur if you invest the money received from estate, and get interest on it. If the property is let, whoever inherits would have to pay tax on rental income. Before probate, it is still estate income, and not personal. By the way, there are no tax allowances for estates. Tax has to be paid on all income before distribution to beneficiaries. If property is involved, solictor will need to be engaged.
