hi there, perhaps I should have put that it is regards to a death in the family and the solicitors have informed that a tax return will need to be filed before final inheritance can be paid, as the house that was sold, sold for more and there is capital gains.....there has already been a lump sum payout, but the tax return is for the remainder to be paid.
I believe the only thing holding final payment is for the tax return to be done, that is why the question was orginally asked, don't know if that would make a diff to your answer??
hi there, perhaps I should have put that it is regards to a death in the family and the solicitors have informed that a tax return will need to be filed before final inheritance can be paid, as the house that was sold, sold for more and there is capital gains.....there has already been a lump sum payout, but the tax return is for the remainder to be paid.
I believe the only thing holding final payment is for the tax return to be done, that is why the question was orginally asked, don't know if that would make a diff to your answer??
First thing is to contact the tax office and inform them that the person has died. They will then send you the necessary paperwork to complete to finalise the estate. Secondly, if the house was the persons Primary Private Residence, it is exempt from capital gains tax. Perhaps if you are not clear on how to carry on with this one, Lorraine. it may be wise to consult with an Accountant who has the necessary expertise to deal with a bereaved persons estate. No disrespect to yourself but this can be quite a difficult one and you need to ensure that it is completed correctly first time around otherwise letters will continue to come from the revenue, addressed to the client(deceased) and this can cause a lot of upset. I speak from experience here because this happened in a practice that I worked in and the accountant "cocked"it up. Our clients spouse received a lot of revenue letters and became very upset.
I have choose not to get involved in this one, it is in the hands of the solicitors. As i dont have experience in that department, but was really just curious in the matter. thank you for all your help!
It is because the sols has said it will be a few months before the tax return will be sorted and therefore I was trying to work out some kind of timescale...
-- Edited by lor on Wednesday 16th of December 2009 07:17:03 PM
