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Executors may not realise they have an Income Tax liability

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Published 19 September 2018

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  • Services
  • Private Wealth
  • Tax & Estate Planning
  • Trusts

The Telegraph reports this morning that many executors are not aware that they are liable to pay taxes on income produced by estate assets during probate.

Executors are personally liable to pay the tax and therefore, if they distribute the whole estate thinking there is nothing else to pay, they may find themselves hit with a liability they do not have the funds to meet.

Assets such as cyrptocurrencies and more sophisticated investments can make estates more complex and executors may feel that they need to take an increased amount of advice to ensure that all liabilities are dealt with properly.

https://www.telegraph.co.uk/tax/inheritance/watch-hidden-death-tax-eating-investments/

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Shorter Reads

Executors may not realise they have an Income Tax liability

Published 19 September 2018

Associated sectors / services

The Telegraph reports this morning that many executors are not aware that they are liable to pay taxes on income produced by estate assets during probate.

Executors are personally liable to pay the tax and therefore, if they distribute the whole estate thinking there is nothing else to pay, they may find themselves hit with a liability they do not have the funds to meet.

Assets such as cyrptocurrencies and more sophisticated investments can make estates more complex and executors may feel that they need to take an increased amount of advice to ensure that all liabilities are dealt with properly.

https://www.telegraph.co.uk/tax/inheritance/watch-hidden-death-tax-eating-investments/

Associated sectors / services

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