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Interest on savings not paid after death
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No, because after death it instantly becomes estate income, and has nothing to do with the personal allowance, hence 40%!
the HMRC site says 20%.
What rate of Income Tax will I have to pay as personal representative?
Personal representatives are chargeable to Income Tax at the basic rate (20 per cent for 2008-2009) only. Dividends from UK companies, and similar receipts, carry a tax credit of 10 per cent that meets the liability and cannot be repaid. Personal representatives might also have to pay tax at the dividend rate on foreign dividend income
or read the more complete write up
http://www.hmrc.gov.uk/trusts/tax-when-someone-dies.htm#70
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