Inheritance Tax, Trusts & Estates Essential Update

Posted on: February 15th, 2019 by Ruth Sadlier No Comments

Tax issues for deceased estates

  • Any complex estates that have incurred a liability to income tax or capital gains tax for the first time during the 2018/19 tax year will need to register via the Trust Registration Service by 5 October 2019.
  • An estate will not be complex provided that:
    • The total tax liability for the entire administration period is less than £10,000; and
    • The probate value of the estate is less than £2.5 million; and
    • The proceeds of assets sold by the personal representatives in any one tax year are less than £500,000
  • An estate that is not complex can instead be dealt with on an informal basis by writing to HMRC with details of the total tax liability for the entire administration period.
  • MHA Broomfield Alexander can assist with calculating an estate’s tax liability and registering under the Trust Registration Service if required.

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