Two brief prologue scenes set the story's tone: In the first, an unnamed woman rows across a lake after slipping a body into the water, reflecting that the act was "so unfortunate, but so necessary" (xvii). In the second, a woman stares at her grotesquely made-up face in a mirror, sees her daughter's reflection behind her, and orders the child to leave. The meaning of both scenes unfolds across a suspenseful narrative told from multiple perspectives and interwoven with flashbacks.
In 1987, seven-year-old Jocelyn Holt wakes at Lake Hall, her family's centuries-old country estate, to discover that her beloved nanny, Hannah Burgess, has vanished overnight. Hannah's bedroom is stripped bare, her suitcases gone. Jocelyn's mother, Virginia (Lady Holt), tells her coldly that Hannah left because Jocelyn is a "bad girl." Jocelyn's father, Alexander (Lord Holt), confirms the departure but does not contradict his wife. The loss devastates Jocelyn, for whom Hannah was the center of her world.
Roughly 30 years later, Jocelyn, now going by Jo, returns to Lake Hall with her 10-year-old daughter, Ruby, after her husband, Chris, dies in a drunk-driving accident in California. Jo's father died two months earlier, and her immigration status forced her out of the United States. Financially destitute, Jo has nowhere else to go. She deeply resents Virginia, whom she considers cold and emotionally abusive. Ruby, a whip-smart tomboy, unexpectedly bonds with Virginia, unsettling Jo.
Lake Hall feels oppressive to Jo, but Ruby explores it eagerly. Virginia forbids anyone from going on the lake, insisting the boats are rotten, so Jo secretly sets up a borrowed kayak. While kayaking to a small island, Ruby's foot catches in submerged tree roots, and as Jo frees her, she dislodges a human skull with visible fracture lines. Jo reports the discovery to the police, and Detective Constable Andy Wilton leads the investigation. A horrifying thought seizes Jo: The skull might belong to Hannah. Virginia appears shaken but refuses to discuss the find.
Interspersed flashback chapters reveal the true origins of the woman Jo knew as Hannah. In 1976, a young woman named Linda Taylor, from an abusive working-class family in Yorkshire, takes a cleaning job at the house of Oliver Burgess. She observes the family's trained nanny with fascination, recognizing that the nanny holds real power because the children love her. When Oliver's baby daughter dies of meningitis, Linda discovers death certificates for both the baby and Oliver's teenage sister, Hannah Maria Burgess. Needing to escape her violent father, Linda obtains a copy of the dead sister's birth certificate and assumes her identity.
As "Hannah Burgess," Linda takes a nannying job in Bristol, beginning an affair with her employer and using manipulative tactics, including secretly administering the mother's medication, to control the household. She eventually lands the position at Lake Hall as nanny to the infant Jocelyn, where she becomes obsessed with Alexander.
Back in the present, forensic analysis dates the skull to a woman born around 1957-1959. Then one morning, a woman appears at Lake Hall and introduces herself to Jo as Hannah, returned to the nearby village of Downsley. Jo does not immediately recognize her but is gradually convinced. If Hannah is alive, the skull cannot be hers. Virginia, however, is deeply rattled: She believed Hannah died the night she was dumped in the lake.
Jo accepts a job at the London gallery of Jacob Faversham, a suave art dealer who was Alexander's close friend. Faversham tasks Jo with selling a valuable vanitas painting, a type of still life featuring symbols of mortality, that once belonged to the Holt family. He also reveals that Alexander was a professional gambler, shattering Jo's image of her father. Jo reconnects with Hannah, who claims Virginia fired her for defending Jocelyn and forbade any contact. Jo is furious on Hannah's behalf.
When a childcare crisis forces Jo to seek help, Hannah agrees to care for Ruby at Lake Hall. Grateful and increasingly dependent, Jo invites Hannah to move in. Virginia warns Jo that Hannah is hurting Ruby, pointing to bruises on Ruby's arm, but Jo furiously dismisses the accusation. Virginia also suspects Hannah is drugging Ruby with stolen prescription pills.
Virginia's financial dealings reveal the family's hidden survival strategy. She accesses a deposit box containing Old Master drawings, valuable works by renowned European artists, and the Holt Catalogue, a centuries-old ledger documenting the family's art collection that was supposedly destroyed but was actually hidden. Virginia, family friend and artist Elizabeth Fuller, and Faversham are partners in a long-running art forgery scheme: Elizabeth creates forgeries, the catalogue provides provenance (documented ownership history), and Faversham authenticates the works. When the scheme is exposed to Jo, she is devastated at her mother for entangling her in criminal activity.
Hannah escalates her control. She demands increased blackmail payments, a share of the forgery profits, and a permanent role in the family. Her ultimate motive is revenge against Jocelyn, whom she blames for ruining her life.
Jo discovers her father's treasured Fabergé cigarette case hidden in Hannah's possession and a family photograph contradicting Hannah's claims about a childhood memory. Jo realizes Hannah has been systematically undermining her confidence in her own recollections.
Hannah forces her endgame by playing a tape recording of Alexander confessing what happened the night she vanished. Alexander had been having an affair with Hannah, and seven-year-old Jocelyn walked in on them together, pushed Hannah down the steep back stairs in shock, and apparently killed her. Virginia and Alexander believed Hannah was dead. They wrapped the body, gave Jocelyn a sedative to erase her memory, and Virginia rowed the body out to the lake. But Hannah survived: She was unconscious, not dead. She swam to shore, fled, and later extorted Alexander for decades.
A flashback reveals the skull's owner: In 1985, Jean Palmer, Linda's former roommate, tracked her to Lake Hall and threatened to expose her stolen identity. Hannah killed Jean and sank her body in the lake, where it remained hidden until Ruby's discovery.
Hannah demands total control, taunting Jo with claims that Alexander despised his daughter. Jo snaps, seizes a dry cleaning bag, and suffocates Hannah. Virginia confirms Hannah is dead. Together, mother and daughter weight the body with stones, and Jo paddles the kayak out and sinks it near the island. They agree never to speak of it again.
When the detectives arrive, Virginia and Jo say Hannah disappeared in the night without notice. The police identify the nanny as Linda Taylor and connect her to Jean Palmer's murder. They believe Linda returned to monitor the investigation and fled once they closed in, leaving the authorities searching for a fugitive already silenced.
In a tentative final moment, Virginia tries to hug Jo. Jo flinches, a reflex she attributes to Hannah's lasting influence, but then steps forward and embraces her mother, marking the fragile beginning of reconciliation after a lifetime of estrangement.