Interest paid gross of tax may cause problems for UK estates

Executors and Personal Representatives should be aware that as of the 6th April 2017 income received during the administration period will be paid to the Estate without tax deducted whereas previously it would have been received net of tax. This means that more Estates will now need to report untaxed income to HMRC, even in an otherwise uncomplicated Estate. If you need help with administering an Estate please contact a member of our Private Client team for advice.

For more information please read the article here:http://www.step.org/news/interest-paid-gross-tax-may-cause-problems-uk-estates?j=1678037&e=susan.lacey@farnfields.com&l=346_HTML&u=27472424&mid=1062735&jb=0

If you would like to discuss this further please contact Imogen Dodd on Imogen.Dodd@ellisonssolicitors.com or on 01206 764477