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Will / trust
Comments
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No need to worry, just fill the form in.If you've have not made a mistake, you've made nothing1
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Can anyone help me with the ISA figure for probate please? Do I include the interest up to date of death that has accrued even though it hasn’t been paid yet? Thanks for any help0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
No, you don’t need to declare that.Skint_yet_Again said:Can anyone help me with the ISA figure for probate please? Do I include the interest up to date of death that has accrued even though it hasn’t been paid yet? Thanks for any help1 -
Thanks @Keep_pedalling so will it be income of the estate? It’s quite a big sum. And does that mean it loses its tax free status?0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
As it is in an ISA the interest will be free of income tax.Skint_yet_Again said:Thanks @Keep_pedalling so will it be income of the estate? It’s quite a big sum0 -
Sorry if I am being thick but I don’t understand. 🤯 How do I account for the interest? Surely it is still income even if not liable to income tax ?0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
Skint_yet_Again said:Sorry if I am being thick but I don’t understand. 🤯 How do I account for the interest? Surely it is still income even if not liable to income tax ?As far as HMRC are concerned you don’t have to account for it.
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Oh ok 👍 what about normal savings accounts? Presume I include the interest of those outside of ISA’s ?0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
IHT406 says include cash ISA’s and interest?Can you link me to guidance to back up not to include it? Please don’t be offended but I try to make sure I back up advice received before following it and I can’t find anything about accrued isa interest0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House purchase completed FEB 2023 🥳🍾 Left work. 🤗
Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
I'm afraid I have to disagree with KP here. The accrued interest on your father's cash ISA is part of his death estate, and should be included in the probate value.Keep_pedalling said:
No, you don’t need to declare that.Skint_yet_Again said:Can anyone help me with the ISA figure for probate please? Do I include the interest up to date of death that has accrued even though it hasn’t been paid yet? Thanks for any help
The same principle applies to accrued interest on his taxable savings accounts.
I realise you're not submitting an IHT return nor paying IHT, but the guidance still applies:
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm10070#:~:text=cash,shown1
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