Posts Tagged ‘Duties of an Executor’
When do I have to complete form IHT400?
Life presents us with many challenges. And so, sadly, does death. At a time when we are struggling to come to terms with the loss of a loved one, we must also deal with the red tape. Stripping away the emotion, we have to reduce the deceased’s life to numbers. To us, he or she…
Read MoreExploding the myth about Inheritance Tax
What is the most unpopular tax in the UK? Polls suggest the answer is inheritance tax. But I wonder why. Sometimes our perception is not borne out by the facts. Did you know that only about 4% of estates are actually liable to pay it? And that means 96% are exempt, for various reasons. Generally…
Read MoreHow receiving a Gift can actually Cost you Money
They do say you shouldn’t look a gift horse in the mouth. Surely there can’t be any pitfalls when someone gives you a large sum of money. Can there? I’m given half a million pounds by a rich uncle (I wish!). He dies the following year. Suddenly I’m hit with a tax demand for £70,000.…
Read MoreWhen is Inheritance Tax due?
RED-top tabloids refer to it as a ‘death tax’. But that may be considered a tad unfair. In fact, inheritance tax is only due if the value of your estate – which does include your home – is valued at more than £325,000. And anything left to a spouse or a civil partner or a…
Read MoreIs Capital Gains Tax due on my House after I Die?
Capital Gains Tax (CGT) was introduced by Labour Chancellor of the Exchequer James Callaghan in 1965 to plug a loophole. It means you are taxed on the profit you make from selling an asset that has increased in value. CGT applies to things like land, shares, personal belongings and property. But it is not due…
Read MoreHow is your income taxed after your death?
You, or at least your estate, may be eligible for a tax rebate after you die. A personal representative, be it an executor or an administrator, can claim your whole personal allowance for the tax year in which you passed away. But that only applies to income received prior to your death. Money received after…
Read MoreWhat happens when the Grant of Probate is issued?
Now it’s all systems go, as they say at NASA mission control. Armed with the grant of probate, you can collect and sell assets, pay debts and distribute the remainder of the estate in accordance with the will or the rules of intestacy. This should be straightforward as the whole estate will have already been…
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