½Û×ÓÊÓƵ

Planning distributions

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Planning distributions

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

Beneficiaries

The personal representatives will have identified the beneficiaries of the estate at an early stage. See the Introduction to deceased estates guidance note. At what point should they advise them of their entitlement under the Will or intestacy? The close family of the deceased will usually be aware of their entitlement, but there is no obligation to inform more ‘distant’ beneficiaries before the grant is issued because the Will is not proved to be valid until then. Under intestacy, the appointment of the administrators is not confirmed until the grant. So the PRs will have time to establish who the beneficiaries are and the extent of the estate before making contact.

When the PRs are ready to inform the beneficiaries of their entitlement, it is recommended that they should:

  1. •

    for legatees, advise them of the item or amount of the legacy

  2. •

    for residuary beneficiaries, advise them of their share of residue with an estimate of the monetary value, and provide them with a copy of the Will, or (under intestacy) an explanation

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Group relief for carried-forward losses

Group relief for carried-forward lossesThis guidance note examines in detail the relief available to groups for carried-forward losses. The scope excludes the treatment of specialist businesses such as banks, insurance companies and oil and gas companies.From 1 April 2017, companies can surrender

14 Jul 2020 11:50 | Produced by Tolley Read more Read more

Gifts out of surplus income

Gifts out of surplus incomeA valuable exemption from inheritance tax (IHT) applies to gifts out of surplus income. This exemption applies only to lifetime gifts and is therefore a key part of lifetime planning. The exemption applies to both outright gifts and gifts into trust. Gifts which meet the

14 Jul 2020 11:48 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Fuel-related payments / mileage payments

Fuel-related payments / mileage paymentsIntroductionMost employers will make payments to employees in relation to business travel. Among the most common payments in relation to business travel are fuel and mileage payments. If an employer does not reimburse these amounts, then the employee will be

14 Jul 2020 11:46 | Produced by Tolley in association with Philip Rutherford Read more Read more