My late mother received a legacy from her deceased cousin while we were administering her estate. Cousin died before her but his estate was not wound up/legacies paid out until 5 months after she passed. We already had probate and had paid IHT due on her estate at date of her death.
How is the legacy taxed? A correction of IHT or is it a capital gain as it was received by the executors after date of death? Can I assume it shouldn't be included in her annual tax return as legacies are not normally taxable? Any advice very welcome please as we can't find any info on this on the official websites. Thanks.
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