Income Tax in Estate Administration
Recorded on: 07/04/2020
Aim:
To demystify the income tax treatment of estates and provide some practical tips
Outcome:
Practitioners will know how to deal with pre-death income; when an estate is able to use the informal procedures and when it is a complex estate; what the difference means and how to handle each type of case
Agenda:
Finalising the income tax position to the date of the deceased’s death
- Liaison with deceased’s tax adviser
- Notifying HMRC of the death
- Outstanding liabilities
- Failure to declare income by the deceased
- Practicalities
Tackling the administration period
- Registering a complex estate
- Informal procedures formalised for small estates
- Complex estates
- Returning income and gains – SA900
- Income accrued before but paid after death
- Distributing income from estates
- Know your beneficiary
- Deductions
- Discretionary interests in residue
- Aggregate income entitlements
- Tax certificates – R185 Estate Income
- Awkward assets
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