Income to the estate during admin period

Skint_yet_Again

I keep seeing posts here that all interest / income to the estate during the administration period is taxable with no personal allowance. Could someone please confirm

1. ISA’s remain in the tax free wrapper for 3 years and 1 day or until executor cashes them in, whichever comes first, so do not need to be declared & no tax due on the estate
2. Interest from normal savings accounts is taxable but no tax will be due if total income/interest is less than £500 for each year of administration & will not need to be reported?

jem16

Yes it’s correct but all detailed here for you.

https://www.gov.uk/probate-estate/reporting-the-estate

Skint_yet_Again

Thanks for the link @jem16 I was struggling to find it and beginning to doubt myself

Skint_yet_Again

Can anyone please advise if sale of the deceased’s car counts as income of the estate for income tax purposes?

The car was valued at and sold for £6645 after his death and that value was included for probate & the money is in the executor account. The residual estate has not yet been distributed as the house sale is still ongoing

There were also payments of private pension, state pension and attendance allowance after he passed but these were all overpayments as he was paid in advance, so have all been repaid. I do not intend to count them as income of the estate?

jem16

https://forums.moneysavingexpert.com/discussion/comment/81903238#Comment_81903238

None of those are income for the estate. Those are all assets of the deceased.