Commentary

I4.534 Assessment of personal representatives

IHT, trusts and estates

I4.534 Assessment of personal representatives

I4.534 Assessment of personal representatives

Income tax

Until the net residue of the estate of a deceased person is ascertained by the realisation of all assets and the payment of all debts and taxes, the income of the estate is, at common law, that of the personal representatives (PRs) in their representative capacity.

In the case of a UK estate such income is therefore assessable income of the PRs in accordance with ITTOIA 2005, Pts 2–5 (ss 3–689A). Thus, if the deceased person was carrying on a business and the personal representatives continue to carry it on (either preparatory to

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