Trust income for mother in law in nursing home care

Keep_pedalling

No, if she owned 50% of the home at the time of her husband’s death then she still owns 50% of it now or 50% of the proceeds of the sale. 

poseidon1

Keep_pedalling said:

No, if she owned 50% of the home at the time of her husband’s death then she still owns 50% of it now or 50% of the proceeds of the sale. 

Keep_pedalling, best read this OPs past posts which were rather confused, but seemed to have settled on the 90% of the home having been  left in an NRB trust by the late husband on his death in 2009.

I am assuming the accountant is dealing with the trust and personal tax reporting on that basis, so I would hesitate providing fuel to the OP to introduce unnecessary confusion to the trust/personal tax compliance if the accountant has a proper handle on the situation.

However, to be noted trust income tax being paid at the 40% rate suggests the trust is a full blown discretionary arrangement ( rather than a qualifying IPDI trust), so hopefully the accountant has also picked up on  the 10 yearly IHT reporting and probable liability that was due in 2019 and no doubt overlooked by the OP at that time.

The exact terms of the NRB will trust  was never shared by the OP, so my preference would be for the OP to address all queries relating to trust and personal tax compliance on behalf of MIL, back to the accountant being paid to handle the matter.