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Where Taxpayers and Advisers Meet

Income Tax

tax999
Posts:18
Joined:Mon Nov 25, 2019 12:43 pm
Income Tax

Postby tax999 » Thu Mar 25, 2021 1:10 pm

I am finalising an estate. The estate received a final income payment from a trust which was due at the date of death.

Does this require to be notified as part of the executry administration?

My understanding is that as this was due at date of death this would be part of the tax to the date of death and not the administration period.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Income Tax

Postby pawncob » Thu Mar 25, 2021 1:38 pm

Generally they're taxable when paid.
https://www.accountingweb.co.uk/any-answers/when-is-dividend-taxable-on-individual
With a pinch of salt take what I say, but don't exceed your RDA

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Income Tax

Postby AGoodman » Fri Mar 26, 2021 4:50 pm

but the sum should have been included as an asset of the estate for inheritance tax purposes (if any)


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