Question of the week: Where an estate meets the requirements for the informal tax reporting procedures such that they have not yet completed a Trust and Estate Tax Return SA900 and no income tax has yet been paid by the personal representatives (PRs) on estate income, what should be recorded on a Form R185 (Estate Income) for an interim income distribution made to trustees of a Will trust? Should the R185 (Estate Income) refer to any income tax that is likely to be paid by the PRs at the end of the administration period?
This Q&A considers if, where an estate meets the requirements for the informal tax reporting procedures such that they have not yet completed a Trust...