A practical guide for all personal representatives and others involved with the tax issues arising during the administration of a deceased person's estate.
Written mainly for the tax practitioner, it is also accessible to the non-tax professional, including in particular personal representatives who are trying to understand some of the tax intricacies associated with estate administration.
The book takes a practical approach to the topic, including many worked examples. It considers CGT, IHT and income tax, both from the position of PRs, (from death to the end of the administration period), and from the position of beneficiaries (specific, general or residuary).
It contains a detailed examination of formalities necessary for a valid will under which PRs are appointed. The text is peppered with tax planning suggestions throughout, and includes extensive references to legislation, case law and HMRC guidance.
M.Sc (Bus Admin), M.Sc (Org Psych), B.Sc is an independent tax consultant and author of many years' experience. Malcolm was formerly a partner and head of international tax at Grant Thornton LLP and head of tax with law firm Nabarro Nathanson.
Contents now include:
- Domicile and residence status of PRs - overview
- Statutory residence in year of death
- Deemed domicile - generally
- Deemed domicile - IHT
- Excepted and normal estates
- Administration of estates
- IHT on death
- Income tax and CGT liabilities prior to death
- Income tax on income arising after death
- CGT uplift on death
- CGT - disposals during administration period