Assuming an estate will be subject to IHT. Are any allowances made in the calculation of the deceased persons income tax for the relevant tax year the person died.
What I am thinking off is that the estate may have cash in the bank say that is effectively derived from income sources. That cash will ultimately have to bear income tax if not having done so already, eg dividends etc. The point is I suppose is that the cash is going to be taxed again as part of the estate.
Is this correct?
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