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Where Taxpayers and Advisers Meet

Administration period

umeshg1
Posts:48
Joined:Wed Aug 06, 2008 3:55 pm
Administration period

Postby umeshg1 » Wed Feb 06, 2019 10:16 am

I will appreciate if any member could clarify the end of administration period in my case below

A grant of probate has been issued. The beneficiaries are three siblings. The estate comprises of the following

1. A property which they intend not to sale and have agreed with HMRC to pay IHT annually by instalment. The annual IHT tax will be paid from the proceeds of the life insurance -see below
2. Life insurance policy which will be paid into the savings account
3. Savings account

My understanding is the period of administration ends when PR's have ascertained the residue of the estate. In my above case at what point will the PR's ascertain the residue of the estate

The PR’s are aware that they may have to complete tax returns during the administration period, they would like to avoid incurring cost of preparing tax returns and therefore would like to end the administration period

Many Thanks

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