Tax Return for deceased

badenmorgan

Hi, my father recently passed away and I'm having to do his tax return for 2020/21. In March he converted to cash all his shares held on the Eqi platform just before he died. So on the Eqi platform he no longer holds any shares but has c. £40k cash value sitting there until grant of probate allows the money to be released.  What I don't know is, do I have to declare the £40k as 'other income' on the his tax return form? He only sold them to allow us to access the money from the shares, but I'm thinking it now has to be declared as income on his tax return. I've no idea how much gain he actually made from the shares in the years he owned them. Would that need to be calculated if I need to declare this? Any help would be appreciated. Thanks

Marcon

badenmorgan said:

Hi, my father recently passed away and I'm having to do his tax return for 2020/21. In March he converted to cash all his shares held on the Eqi platform just before he died. So on the Eqi platform he no longer holds any shares but has c. £40k cash value sitting there until grant of probate allows the money to be released.  What I don't know is, do I have to declare the £40k as 'other income' on the his tax return form? He only sold them to allow us to access the money from the shares, but I'm thinking it now has to be declared as income on his tax return. I've no idea how much gain he actually made from the shares in the years he owned them. Would that need to be calculated if I need to declare this? Any help would be appreciated. Thanks

No - the issue here is the amount of any capital gain. See https://www.gov.uk/tax-sell-shares which should give you the information you need. 

badenmorgan

Thanks very much Marcon

getmore4less

You also have to watch out for any shares that went ex divi before they were sold as there will be income from those

Depending how complicated his tax affairs were HMRC can be quite relaxed about tidying up the income tax side of things.
may last one was just a written letter of any income and taxes paid , that had up to DOD and two tax years during administration 
They sent a refund and a demand  based on that to get it sorted no form filling needed.