This well-respected publication provides excellent advice and guidance on how administrators of estates and trustees might best carry out their duties. Mellows follows chronologically the phases in which an executor or administrator may be required to deal with income tax, inheritance tax and capital gains tax, i.e. settling the deceased's personal tax liability, administering the estate and related trusts, undertaking post death tax planning and distributing funds. Well-known for its logical approach to a complex subject, this service provides explanation and practical consequences for executors and trustees, with worked examples of all the main computations likely to be encountered in practice. It also gives an overview of the ideas upon which the applicable law is based, to enable executors and trustees to make informed decisions in areas not specifically dealt with by the legislation.

SOURCE CURRENCY
Issue 75, November 2023

UPDATE INFORMATION

Chapter Updates
Chapter 1: General considerations
Chapter 2A: The deceased's personal tax liability: pre-owned assets tax
Chapter 3: The deceased's personal tax liability: capital gains tax
Chapter 5: Inheritance tax on death
Chapter 6: Income tax during the administration of the estate
Chapter 10: Defective, effective and ineffective acts of trustees and donors
Chapter 14: Administration of a trust: income tax
Chapter 16: Administration of a trust: inheritance tax where interest in possession

This edition gives the position for the tax year 2022-23 and covers all legislation, HMRC’s published guidance and other relevant sources of information.