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Where Taxpayers and Advisers Meet

My father's estate

Benlog
Posts:2
Joined:Mon Jun 21, 2021 6:17 pm
My father's estate

Postby Benlog » Mon Jun 21, 2021 6:27 pm

Hi if an estate is short on liquid capital and a pro rata system estimates you owe 50k in order to have your benefit accented. Is this figure classed as a loss from a tax point of view

Ben

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

Re: My father's estate

Postby pawncob » Tue Jun 22, 2021 11:07 am

Can you explain exactly what you mean please?
With a pinch of salt take what I say, but don't exceed your RDA

Benlog
Posts:2
Joined:Mon Jun 21, 2021 6:17 pm

Re: My father's estate

Postby Benlog » Tue Jun 22, 2021 11:52 am

Hello
The estate has multiple benefices and asset happy but no capital left in the residue to cover the debits. Those debits have been divided on a pro-rata basis so we have the choice to either sell the asset (s) or pay the funds into the estate. So I guess I'm wondering is there any tax break for me in paying those funds. The asset I have been left is the (primary) business and so therefore I am taking out of the business to pay for ownership of the business effectively
Thanks for your opinion 👍


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