Someone I know has been told that they are the beneficiary to a pension policy from a deceased sibling. However, the money is to be split between him and his sister, but the pension company says that it will only pay into one bank account and the recipient will have to pay a share to the other sibling. How does this work from the tax angle? I'm guessing the money is paid with the tax having been paid initially, but does the other sibling have to pay tax on the share they get?
On a second matter, I had a PPI payment from a bank, which I was faxed on, as it don't pay tax I can claim it back, when filling in the form, do I need to put down any interest from money in a ISA?
On a second matter, I had a PPI payment from a bank, which I was faxed on, as it don't pay tax I can claim it back, when filling in the form, do I need to put down any interest from money in a ISA?