Mr Dog - the final furlong.

John_Pierpoint

Well it has been a long and winding road.

A classic case of Pareto's law.

http://en.wikipedia.org/wiki/Vilfredo_Pareto

http://en.wikipedia.org/wiki/Pareto_distribution

http://en.wikipedia.org/wiki/Bradford%27s_law

The 80/20 relationship, where the task to taking an estate through probate is 80% completed in 6 months but individual complexities trail on into the future.

I have a modest amount of interest (@ 0.5%:eek:) attached to a refund of IHT.

Am I right in thinking this is free of tax and not liable to tax?

jimmo

Yes you are.
I found it terribly frustrating that I couldn't find a link to justify this but "repayment supplement" is not technically interest. Its a form of compensation and, let's face it, HMRC are probably the only body in the country that can get away with putting a different label on interest but they do.

John_Pierpoint

Well that is the last R185's filled in and sent off for the last of the interest that dribbled into "the executors account".

Mikeyorks

Be careful how you close that account! Mine was with Halifax and I had to go in to sign the forms to do it. Transferred the minor balance across to my current account - I came home and distributed it.

A few days later - they closed my current account! Bless.

I've discovered that I simply don't get on with Bank Branches. If I can't do it online - it turns into traumas.

John_Pierpoint

I'm leaving it open at the moment, just in case something turns up.
There is £152 in the account as the estate of Mr Dog has to be shared out in 76ths:D

I have another account for my late grandmother that dates back to 1966.
Well actually its has passed through 4 institutions, as rational executives decide they want to charge for the privilege of keeping open an account that just might rise to 4 figures in a good year.

HMRC wrote to me about 10 years ago saying that as far as they were concerned it is a bare trust and they are no longer interested.

Thanks to really stupid legislation it is more like a three generation interest in possession trust. I have offered to buy out my relatives several times - but at least one of them will decide I just might make a fortune they won't share and so we all toddle on with something that would have gone bust if a solicitor was looking after it.

Mikeyorks

You put my odd problems with Halifax into the shade! I'm not sure my (solar) calculator does 76ths ....... even on the sunniest days!