Estates—income tax and CGT

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Practice notes
Appropriation is a process by which a personal representative or a trustee uses a specific asset in the estate or trust fund, to meet in full or in...
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9th Nov
Practice notes
What a residuary gift comprisesThe residuary estate will not necessarily comprise only cash, but will usually include other assets that have not been...
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9th Nov
Practice notes
Revocation of a WillA Will is revocable at any time during the testator's lifetime. A testator may not revoke their Will in any manner they choose: a...
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9th Nov
Practice notes
Hotchpot clauses in Wills can be very useful in equalising benefits between beneficiaries. They also have a place in respect of a partial intestacy....
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9th Nov
Practice notes
Where one of several executors diesSection 5 of the Administration of Estates Act 1925 (AEA 1925) states that the office of executor is personal to...
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9th Nov
Practice notes
STOP PRESS: With effect from 2 November 2020, the Non-Contentious Probate Rules 1987, SI 1987/2024 (NCPR 1987) are amended by the Non-Contentious...
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9th Nov
Practice notes
CORONAVIRUS (COVID-19): As announced on 17 April 2020, the President of the Family Division, Sir Andrew McFarlane, authorised District Probate...
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9th Nov
Practice notes
STOP PRESS: With effect from 2 November 2020, the Non-Contentious Probate Rules 1987, SI 1987/2024 (NCPR 1987) are amended by the Non-Contentious...
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9th Nov
Precedents
Warning to caveator, Rule 44(5)In the High Court of JusticeFamily Division[The nominated registry as defined by rule 44(15)]To [name] of [address] a...
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9th Nov
Practice notes
Identification of beneficial interestsThe personal representatives (PRs) of an estate must identify:•the beneficiary or beneficiaries entitled to each...
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9th Nov

Most recent Estates—income tax and CGT content

Practice notes
Is a tax return required?Personal representatives (PRs) have a duty to report to HMRC any untaxed income received during the period of administration...
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29th Nov
Practice notes
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...
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29th Nov
Practice notes
CGT position on an individual’s deathThe rules dealing with capital gains tax (CGT) on death provide that:•assets that the deceased was competent to...
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29th Nov
Practice notes
STOP PRESS: With effect from 6 April 2020, all disposals of UK residential property by UK residents which result in a CGT liability must be notified...
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29th Nov
Practice notes
It is possible for trustees or personal representatives to be trading. For example, if a self-employed trader dies, the personal representative might...
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Produced in partnership with Paul Davies of Clarke Willmott 29th Nov
Practice notes
STOP PRESS: With effect from 6 April 2020, all disposals of UK residential property by UK residents which result in a CGT liability must be notified...
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29th Nov
Practice notes
The personal representatives (PRs) are responsible for finalising the deceased's tax affairs. They must file outstanding tax returns and claim any...
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29th Nov
Practice notes
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...
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29th Nov
Practice notes
HMRC's online Trust Registration Service (TRS) was designed to implement the Money Laundering, Terrorist Financing and Transfer of Funds (Information...
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29th Nov
Practice notes
It is common for trustees or personal representatives (PRs) to run a property business. A property business is one which generates income from land...
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Produced in partnership with Paul Davies of Clarke Willmott 29th Nov
Q&As
For general information about the valuation of assets, see Practice Note: IHT—deduction of liabilities.In particular it should be noted that where an...
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29th Nov
Q&As
Section 144 and income taxIn broad terms, section 144 of the Inheritance Tax Act 1984 (IHTA 1984) effectively permits a discretionary trust to be...
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Produced in partnership with Jonathan Edwards of Radcliffe Chambers 29th Nov
Q&As
With effect from 6 April 2007, the rules to determine the residence of a body of trustees were re-drawn and are identical for both income tax and...
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29th Nov
Q&As
For guidance on income tax during the period of administration and the income tax treatment of beneficiaries under a Will, see: Estates—income tax and...
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29th Nov
Q&As
Capital gains tax on disposal of an assetCapital gains tax (CGT) is charged where a person disposes of an asset and makes a profit that is capital in...
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29th Nov

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