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Deceased Tax owed?
Brunn100
Posts: 2 Newbie
in Cutting tax
If the deceased owed tax, do they chase up the next of kin for the money owed?
0
Comments
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any debts of the deceased are paid from the deceased's estate ...if there is none then the debt dies.0
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The tax will be a debt payable from the estate, which the executor will have to deal with as part of their duties - debts are paid before any residue is distributed to beneficiaries. If there is insufficient money in the estate to pay the debt it will end there ... The debt will not be transferred over to any next of kin0
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Thanks for advice.
I'm not sure how much tax is owed, but had concerns for the next of kin if it was a lot.
Is inheritance tax related to the deceaseds income tax?0 -
No, IHT is payable on the assets of the deceased. The estate cannot be distributed until this is paid.£705,000 raised by client groups in the past 18 mths :beer:0
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