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Legacies received by executors taxable ?
Normally legacies are not taxable in the hands of the recipient. However, if the will gives legacies to the executors on the condition that they must act as executors would this make the money received taxable? The executors are in effect being paid for work done. Any comments appreciated.
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Octopus Legacy Wills and Power of Attorney
Please move if in wrong place Im with Octopus Energy and they have offered me a free Will and to prepare both the financial and health power of Attorney for £60 in total. i don’t have a basic Will, so I’ll be taking them up on that, but how difficult is it to prepare the Power of Attorney from the .Gov uk website? Should I…
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Post probate and inheritance tax etc
Newbie here, My story is a long one so ill try be short and give clear context, so please bare with me. I lost my father suddenly in 2021, he left a will in which myself and 2 younger brothers as executors and my mother a beneficiary. My mother took over as the one in charge of absolutely everything from start to finish,…
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Solicitors Bill 6 months after final bill
We employed a solicitor to help with getting probate on my Father's will (big mistake - he took about 2 hours to do what it would probably have taken me a day to do and charged £1500 - the difficult bit was collating all the information not filling in the form!). Probate was granted in February of this year and I paid the…
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Chargeable event on death
Hi all My late mother had a unit linked investment bond, which paid out 101% on death. She had withdrawn money over time and I can see chargeable event certificates in her files - broadly saying that basic income tax (20%) on any gains made on her investment is covered under existing tax paid on the investments, but if the…
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C1 Confirmation Gifts
I’ve almost completed the C1 form, I couldn’t have done it without the great advice and tips I’ve found throughout the forum. My Mum gifted £12k between her 8 grandchildren last year. Where on the form should I declare this? Any help greatly appreciated.
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IHT - dates, forms and questions
Hi Appreciate any responses Our mum very sadly passed away recently and we are joint executors (myself and two siblings) Mum's will is clear dividing everything she left in equal shares between the three of us. She was divorced and owned her home outright. Her house valued at circa 250k and we estimate the rest of her…
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Inheritance tax when the property value is half held in trust
This must be a common question, but I don't know the right terminology to google it... My mother married a man (my stepfather) who had his own family, and the terms of their will was that if either die, the other could live in the house but on their death the value of the property would be split between the remaining…
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Unable to find will or deceased daughters at moment what can we do about funeral?
My brother died earlier this week.He was found after neighbours reported not seeing him and being worried. I identified body and made witness report and we are now waiting on coroner. We have keys to his house and have tried to look for a will but have not found anything. He was estranged from his daughters who are in…
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Inheritance tax for dummies please
Could some one explain HOW inheritance tax is paid? I know all the rules but if, for instance I leave my house to my three children equally and the estate is worth £600,000 when I die. Do they all pay a share of the tax owing on £600,000 (I know all about the allowances, it will mean there is a lot less tax to pay) BUT if…
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Self assessment return for estate during administration
Hi, Does anyone have any experience of submitting a tax return for an estate administration period. I'd like to submit a return for the current year as the administration period has effectively ended and no further income will be received. The amount of estate income received during administration necessitates a formal…
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Help to buy
Hi I wonder if anyone can help? I need to apply for probate for my brother’s estate but I can’t find out how much he owes to help to buy to estimate the value of the estate. Help to buy will not tell me even though I have provided the will and death certificate until I have been granted probate, which I can’t apply as I…
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Universal credit and Child death beneficiary from pension
My Ex husband has sadly passed away and Im in receipt of UC. Because I am the guardian of his 3 children I will receive their death beneficiary until they are 17 years old to help with the day to day costs of raising them. Much like child support (which does not affect universal credit payments). My question is will this…
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HMRC: Final winding up of Estate
Hello All, I wrote to HMRC in July 2023, several months after my
uncle death. I reported interest from taxable savings accounts and expected
to hear back from them within a reasonable time. This morning, I received two letters from HMRC. The first
included a cheque reimbursing income tax for 2022-23. The second dealt with…
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Confusion over IHT404 and IHT405
I'm in the process of completing IHT400 for my father's estate. As well as his own home, he was joint owner of another house. IHT404 (jointly held assets) seems to cover this, but a note at the top of the form says that for houses, land etc, IHT405 should also be completed with additional details of the property. However,…
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Inheritance tax and life interest.
Hello all, My father in law passed away nearly 4 years ago and the solicitor dealing with his estate has made the process so complicated and upsetting with mistake after mistake. Probate was finally passed in February, the solicitor then admits they have overpaid the inheritance tax by £90,000 and 7 months later we are…
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hmrc mistake - probate asset value is wrong
I just received my unique probate code from hmrc and the value of assets for probate is wrong. Just to be clear it is correct on the iht400 but someone at hmrc typed in the wrong figure in the letter. It's annoying that they did this because we paid the iht early so we could apply for probate asap. So my question is should…
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10 years later more probate
Bit of an odd one this. My spouse's remaining parent died over 10 years ago. At the time spouse and their siblings were executors of the will. One of them tried to seize the assets and solicitors had to send a warning letter. Spouse and other siblings haven't spoken to rogue sibling since. Roll forward 10+ years and…
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Paying debts due from an estate
Hi My Mum passed away recently leaving no assets and a small overdraft. I'm her Executor. I had to ask the Council to arrange (and pay for) a Public Health funeral. Mum had been receiving a state pension, pension credit and attendance allowance from the DWP. After she passed (but before the DWP were aware she had passed…
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HMRC Inheritance Tac Clearance Certificate / Can Estate Beneficiary Contact HMRC about the it being
Hi, The executor (individual) on my fathers estate has been very unhelpful throughout the whole probate/IHT process to the point where I now feel like I need to contact HMRC to see if the IHT clearance certificate has been issued. For context my father passed away in spring 2021 and probate was issued in spring 2022 yet…
