CGT position on an individual’s death The rules dealing with capital gains tax (CGT) on death provide that: • assets that the deceased was competent to dispose of are...
FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail capital gains tax...
HMRC's online Trust Registration Service (TRS) was designed to implement the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...
Is a tax return required? Personal representatives (PRs) have a duty to report to HMRC any untaxed income received during the period of administration and any capital...
The personal representatives (PRs) are responsible for finalising the deceased's tax affairs. They must file outstanding tax returns and claim any repayments due. For the...
When the estate of a deceased individual is being administered, the assets will often generate income and sometimes gains will accrue. The period of administration runs...
On an individual's death, the personal representatives (PRs) will generally wish to calculate and settle the inheritance tax (IHT) liability in order to obtain the grant...
STOP PRESS: A new fixed net sum of £270,000 applies with effect from 6 February 2020, in accordance with Schedule 1A to the Administration of Estates Act 1925, as amended...
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...
FORTHCOMING CHANGE: As originally announced at Autumn Budget 2017 and followed up by written statement after Spring Statement 2018, plus an announcement in Budget 2018,...
This Practice Note was originally produced in partnership with Tolley. When an individual dies, their estate is liable to income tax on the income that arose in the...