Taxation is an important part of dealing with the Administration of an Estate. Executors’ duties include dealing with the Inheritance Tax returns and clearing the deceased’s Income Tax affairs to the date of death but do not end there.
The Executors must then deal with the assets in the Estate taking into account options on Capital Gains Tax including the timing of any sales of assets and if sensible the asset’s appropriation to beneficiaries. Proper Probate records should be kept for producing Estate Accounts and to ensure that Administration Period Tax (if any) is paid before final distribution.
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