Do I pay tax on my

Q A

I HAVE inherited around £25,000. Do I need to pay tax on this?

YOU do not usually pay tax on the money you inherit at the time you receive it.

But you may need to pay income tax on any profit that you earn later from your inheritance, such as dividends from shares you buy, or rental income from a property.

The estate of the person who died usually pays inheritance tax if it is due.

QI’VE got less than a year left on a five-year fixed-rate mortgage deal. Will I get charged a large penalty if I switch to another deal now?

I’ve found one that has a much cheaper rate of interest and it will reduce my monthly payments.

ATHERE is usually an early redemption charge if you want to switch deals during a fixed mortgage term. The amount usually reduces as you near the end of the deal, and the amount you pay is based on a percentage of your outstanding balance.

So, the amount you are charged will depend on the size of your outstanding loan.

Check your key features document for your mortgage, which will give details of any early exit penalties.

Or call your lender to find out what your options are and how much it may cost to repay your balance earlier.

QCAN children have both a cash, and a stocks-andshares junior ISA?

We have been saving into a cash ISA for our son and don’t want to risk the pot we’ve already saved up.

But we would like to dabble with a little cash to try to create a good start for him when he is older.

ALIKE with adult ISAs, a child can have a junior cash ISA and a junior stocks