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
STOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on 11 November 2020. The report...
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9th Apr
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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9th Apr
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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9th Apr
Practice notes
On an individual's death, the personal representatives (PRs) will generally wish to calculate and settle the inheritance tax (IHT) liability in order...
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9th Apr
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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9th Apr
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 9th Apr
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 9th Apr
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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9th Apr
Practice notes
FORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek views about...
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9th Apr
Practice notes
STOP PRESS: The Office of Tax Simplification (OTS) published its first report on the review of capital gains tax (CGT) on 11 November 2020. The report...
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8th Apr
Practice notes
When the estate of a deceased individual is being administered, the assets will often generate income and sometimes gains will accrue. The period of...
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1st Apr
Q&As
We have assumed that the legacy in question is a gift of personalty.Assets of which the deceased was competent to dispose are deemed to be acquired by...
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22nd Mar
Q&As
This Q&A covers the valuation of property received by a beneficiary for capital gains tax (CGT) purposes.All the deceased's assets of which he is...
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15th Feb
Q&As
This Q&A looks at whether it is possible to vary this type of a legacy by deed of variation so that it is expressed so as to carry the intermediate...
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Produced in partnership with Piers Feltham of Radcliffe Chambers 15th Feb

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