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Probate and Administration of Estates

Tax implications of a grant of probate

During the administration of the estate there are various necessary returns that have to be made to tax authorities.

There may also be others, less routine that may not have been apparent at the outset, including completing outstanding income tax returns for previous tax years other than that of the date of death and handling the legal, tax and administration of any foreign assets, heritage assets, business or agricultural assets.

  • Tax forms that have to be submitted to HM Revenue & Customs
      • The income tax teturn from 6th April to the date of death
      • The appropriate inland revenue account, either an IHT 205 or IHT 400 together with supporting documents
      • Advise if any capital gains tax implications arise and file a return if required
  • Likely correspondence with HM Revenue & Customs relevant to the completion of the necessary tax forms
      • Taking any corrective action required from H M Revenue & Customs during the administration of the estate
      • Claiming any relevant reliefs or exemptions applicable to the estate
      • Calculating any inheritance tax, income tax and capital gains tax owed, assist in arranging payment from the estate and ultimately obtaining letter of clearance from HM Revenue & Customs when all tax liabilities are settled
      • Calculating and arranging for the transfer of any nil rate band allowance available to mitigate the inheritance tax liability of the estate