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Post IHT/Probate income
homerhotspur
Posts: 263
Forumite
Hello,
Over a year ago I helped my Cousin complete Probate and IHT forms in respect of her father. The total estate fell just short of the £325k threshold and she was the only beneficiary.
She has recently( a little belatedly) cashed in a couple of investment bonds and interest of £770 has been added to the total payable. She has been told that this is income of the estate and also that a chargeable event gain of £40k needs to be entered on the deceased's final tax return( there wasn't one).
Is it not the case that the interest is actually now her own income to be declared as such or does this still rank as estate income for which an estate tax return is required. Presumably the estate value itself is not affected, it's just whether the interest is that of the estate or of the beneficiary.
As for the chargeable event, I intend to advise her to write to HMRC with a copy of the statement for their consideration.
Any observations welcome
thanks
Over a year ago I helped my Cousin complete Probate and IHT forms in respect of her father. The total estate fell just short of the £325k threshold and she was the only beneficiary.
She has recently( a little belatedly) cashed in a couple of investment bonds and interest of £770 has been added to the total payable. She has been told that this is income of the estate and also that a chargeable event gain of £40k needs to be entered on the deceased's final tax return( there wasn't one).
Is it not the case that the interest is actually now her own income to be declared as such or does this still rank as estate income for which an estate tax return is required. Presumably the estate value itself is not affected, it's just whether the interest is that of the estate or of the beneficiary.
As for the chargeable event, I intend to advise her to write to HMRC with a copy of the statement for their consideration.
Any observations welcome
thanks
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