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Where Taxpayers and Advisers Meet

Complex estate?

Brightonian
Posts: 112
Joined: Wed Aug 06, 2008 3:31 pm

Complex estate?

Postby Brightonian » Mon Jul 17, 2017 10:37 am

A client has asked me to prepare income tax returns for her deceased brother. This is not something I do often and, in the past, I have simply prepared the return for the deceased and also a trusts and estates return for the period from the date of death to 5 April. I have usually sent a 64-8 signed by the PRs and asked for a UTR to be issued. This time it seems that HMRC has a new procedure. Looking at the website, I think the estate may fall into the category of 'complex' estate, as theIT/ CGT is likely to be more than £10,000 before the estate is wound up, which is likely to be next year. However, it could be less. I am concerned that I can't register for a UTR in case I miss a tax return deadline. I called the helpline
and they suggested I write asking if it would be possible for the estate to be dealt with informally. Are there any pitfalls here? If the tax exceeds £10k, will the clients be penalised? Does anyone know when the new system will be up and running
and if agents will be able to register estates.

maths
Posts: 8033
Joined: Wed Aug 06, 2008 3:25 pm

Re: Complex estate?

Postby maths » Mon Jul 17, 2017 5:40 pm

Non quite sure what the problem is?

AnthonyR
Posts: 321
Joined: Wed Feb 08, 2017 2:33 pm

Re: Complex estate?

Postby AnthonyR » Mon Jul 17, 2017 6:51 pm

HMRC guidance on the process is pretty clear here:

https://www.gov.uk/self-assessment-tax- ... o-has-died

You'll need to contact trusts and estates, get them to issue a UTR for the estate and file an estate tax return.

Just because it's called a complex estate it doesn't mean it's complex. An estate with £10k of bank interest from savings (if such a thing exists nowadays) would be considered complex.
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk

Brightonian
Posts: 112
Joined: Wed Aug 06, 2008 3:31 pm

Re: Complex estate?

Postby Brightonian » Mon Jul 17, 2017 9:01 pm

Thank you both. I will contact them and see if they will issue a UTR. I thought they weren't doing this pending introduction of their new system but perhaps I have misunderstood. I rarely deal with estates.


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