My mother died in 2011. A 50k will trust was set up under the terms of her will, with her partner mandated to receive the income from the investments and the capital reserved for her children and grandchildren on the death of her partner. Interest and dividends were paid directly into her partner's bank account. He has now died and I am sole executor. It appears that the income was never declared (maybe averages about 2.5k a year and his personal allowance was used up by pension income) . My brother (deceased 2013) and I were trustees for the will trust but the detail of setting up the trust was done by mother's solicitor and the investment management company. My questions are:
1 Should we have registered the trust for tax
2 How far back is HMRC likely to ask us to go back
3 What kind of penalties are we likely to face
4 Would the liability come out of trust capital or out of the estate (the beneficiaries are different) - or would it fall directly on to me as trustee.
5 Does this all need to be sorted out before I can apply for probate
Grateful for any comments.
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch