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Self Assessment - cash legacy income

  • Member
  • Practice Licence
  • 2 posts
  • # 118130

Hello all,

A self-employed client has recently received 2 separate cash legacies.

It is my understanding that these are not liable for tax, but can someone confirm that I don't need to enter them on the self assessment return anywhere as income. Or the fact that he used these cash sums to purchase shares?

I have, of course,  entered the dividends received from these shares. And will deal appropriately as and when he sells any of the shares.

Thanks in anticipation!

  • Member
  • 15 posts
  • # 118135

I take it when you say legacies that he has inherited the money.

He may have received an R185 showing income (interest) received on the cash whilst the estates were administered which will need to be included on his tax return.

Otherwise no the cash doesn't need to be included on the income derived on it after investing.

 

A

 

 

  • Member
  • Practice Licence
  • 2 posts
  • # 118137

Thank you Drew51. I do not believe he received an R185, but will check with him.

Much appreciated.

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