½Û×ÓÊÓƵ

Receiving and managing funds

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

Receiving and managing funds

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

Personal representatives’ legal duty

Under the Administration of Estates Act 1925, s 25 the personal representatives (PRs) are under a legal obligation to give an account of their administration of the estate when called upon by the beneficiaries to do so. The duties of the PRs are stated as follows:

  1. •

    to collect the real and personal estate of the deceased and administer it according to law

  2. •

    when required to do so by the Court, exhibit on oath in the Court a full inventory of the estate and when so required render an account of the administration of the estate to the Court

  3. •

    when required to do so by the High Court, deliver up the grant of probate or administration to that Court

In collecting the estate, an accurate record must be kept of all the monies received and paid. The preparation of estate accounts is a matter of good practice. A financial record of the administration will make sure that all assets have been collected in, liabilities duly discharged

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

SEIS and EIS ― overview

SEIS and EIS ― overviewThe seed enterprise investment scheme (SEIS) and enterprise investment scheme (EIS) are very similar schemes which offer substantial tax incentives to investors in companies which qualify. The tax incentives for SEIS and EIS investments are intended to encourage investment in

14 Jul 2020 13:31 | Produced by Tolley Read more Read more

Exemption ― burial and cremation

Exemption ― burial and cremationThis guidance note provides an overview of the VAT treatment of services that are provided in connection with the burial or cremation of human remains.VAT treatmentThe following services are exempt from VAT:•the disposal of the remains of the dead•making arrangements

14 Jul 2020 11:38 | Produced by Tolley Read more Read more

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more Read more