Hi
I'm finalising the administration of the estate for my late father in law.
I'm trying to understand if I need to follow the informal procedure and notify HMRC in relation to gains made for the estate during the administration period as no tax is due as it has already been paid at source.
Over the administration period there has been: £24k in gains arising from a chargeable event on an investment bond, £5k in interest on savings and a loss of £3k for capital gains tax purposes.
Income tax at basic rate has been paid at source on the £24k and the £5k and I have issued a R185 to both of the beneficiaries.
I am assuming that as no income tax is due there is no need to inform HMRC via the informal procedure. Would I be correct in this?
Thanks
Mark
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