Schedule 403 - gifts from surplus income

bigandy2

I'm currently completing Schedule 403 to account for gifts from surplus income.

This is done in terms of Tax Years, going back 7 years.

My mother died in late April 2023, so is that tax year 23/24 considered to be year #1 (which would mean going back to 17/18 inclusive), or year #0 (which would mean going back to 16/17 inclusive)?

regards & thanks

Keep_pedalling

Did your mother actively plan these exemptions by keeping records of expenditure in the last 7 years of her life? If not you now have quite a difficult task of going through 7 years bank records.

You don’t use the financial year as a starting point but the date of her death, so if she died on the 27th April, year 1 starts on the 28th April 2022 and year 7 on 28th April 2016. 

bigandy2

Yes, we've got records going back all that time, but the Schedule 403 asks eg. pension income & total tax paid for each year, which are easily acquired from her Tax Calculation letters. But these are obviously in terms of April to April tax years.

Keep_pedalling

bigandy2 said:

Yes, we've got records going back all that time, but the Schedule 403 asks eg. pension income & total tax paid for each year, which are easily acquired from her Tax Calculation letters. But these are obviously in terms of April to April tax years.

Sorry I gave you duff info, you do have to provide it in tax years which is why they give you 8 columns to fill in. Year s 2-5 are straightforward whole years, the tricky ones are years 1 & 8 which will be part years.