Shorter Reads

Executors may not realise they have an Income Tax liability

1 minute read

Published 19 September 2018

Key information

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/

Message us on WhatsApp

Back to Insights

Shorter Reads

Executors may not realise they have an Income Tax liability

Published 19 September 2018

Associated sectors / 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.

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

Associated sectors / services

Private Wealth
Tax & Estate Planning
Trusts

Need some more information? Make an enquiry below.

Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?

Subscribe to our articles

Message us on WhatsApp (calling not available)

Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

I accept Close

Latest news:

Festive season opening

ExpandNeed some help?Toggle

I'm looking for someone
I'm looking for information on a specific legal area
I want to contact you
Request a callback
I'd like to search for something
I'd like to subscribe to receive updates

If your issue is urgent,
please call +44 20 7242 7363

Get in touch

Get in touch using our form below.

View everyone
Business
Dispute Resolution
Private Wealth
Real Estate
About us
Updates
Open in maps
Message on WhatsApp Give us a call

Business

Dispute Resolution

Private Wealth

Real Estate

About

Updates

Executors may not realise they have an Income Tax liability

Share

Key information

Shorter ReadsHow will the Autumn Statement impact inheritance tax

Longer ReadsThe Middle Classes and the Autumn Budget Statement: Fallback, Fail-Safe, Cash-Cow, Taxpayers

Longer ReadsTax Justice UK proposes wealth tax to raise £37 billion

Longer ReadsThe importance of trusts and ringfencing assets

Shorter ReadsESG credentials key to attracting private investments, with ethical and moral concerns a deciding factor

Shorter ReadsSpring Budget Statement 2022

Shorter ReadsThoughts on new measures to tackle “dirty money” in the UK

Shorter ReadsHICBC: January 2022 update – 2017/2018 tax position

Shorter ReadsGifts to Disabled and Vulnerable People

Shorter ReadsCan I gift my holiday home or rental property to my children

Shorter ReadsWhat gifting options do non-domiciliaries have?

Shorter ReadsGifting up a Generation

Shorter ReadsGifts with international elements

Shorter ReadsWhat are the tax implications of being the Bank of Mum and Dad?

Shorter ReadsUS tax changes could be imminent

Shorter ReadsThe Giving Pledge

Shorter ReadsCan I give my home to my children (and still live in it)?

Shorter ReadsHow to efficiently gift business assets

Shorter ReadsUS/UK giving

Shorter ReadsGifts and Lasting Powers of Attorney (“LPAs”)

Shorter ReadsHow women can prepare for their greater exposure to IHT

Longer ReadsCollyer Bristow Annotations on the discovery assessments policy paper

Shorter ReadsNormal expenditure out of income

Shorter ReadsGifting in the Arts (CGS v AIL)

Shorter ReadsHow can I help my children buy a house?

Shorter ReadsHow should I approach charitable giving?

Shorter ReadsCyber criminals love lockdown

Shorter ReadsSecond home owners beware!

Shorter ReadsHMRC estate administration investigations

Shorter ReadsAre Google’s cookies crumbling?

Shorter ReadsDomicile Enquiries – Tax Tribunal has jurisdiction to determine domicile in closure notice applications: Henkes v HMRC

Shorter ReadsCovid-19, Travel Restrictions, and Tax Residence of Companies: OECD Guidance Released

Shorter ReadsThe President of the Family Division and Head of Family Justice’s formal guidance on compliance...

Shorter ReadsRetrospective Anti-Forestalling and the 2020 Budget Entrepreneurs Relief Changes: What Price the Rule of Law?

Shorter ReadsPrime Minister’s remarks increase Entrepreneurs Relief concerns

Shorter ReadsPre-Budget CGT Planning: Time to Act for Entrepreneurs and Business Owners

Shorter ReadsGeneral Election: party manifestos confirm coming CGT Entrepreneurs Relief changes

Shorter ReadsCalls to Abolish CGT Entrepreneurs Relief – Should Business Owners Be Worried?

Shorter ReadsWhy apathy isn’t good enough when it comes to Wills

Shorter ReadsAre non-doms really leaving the UK?

Shorter ReadsShould inheritance tax be simplified?

Shorter ReadsWhich parent died first and why does it matter?

Shorter Reads£15bn lost behind the sofa

Shorter ReadsJohnson proposes £3,000 tax cut for higher earners

Shorter ReadsUK Supreme Court considers ‘the ordinary reader of a Facebook Post’ in Defamation claim

Shorter ReadsBeing born a royal is hard enough – try being a US taxpayer too

Shorter ReadsOne in a million? No, you’re only one in five.

Shorter ReadsAre robots writing your will?

Shorter ReadsWhenever, Wherever… no Shakira, you need to keep track.

Shorter ReadsWhy giving money to UKIP might give you a large tax bill

Shorter ReadsWhy you will no longer need to swear when visiting your solicitor

Shorter ReadsGovernment to push ahead with 3,770% increase in probate fees for the wealthiest estates

Shorter ReadsLeave your estate to loved ones rather than up to chance

Shorter ReadsWhy the IHT nil rate band may be scant comfort for homeowners in the South East

Shorter ReadsPension transfers may result in Inheritance Tax Charge

Shorter ReadsCareful estate planning can save you a princely sum

Shorter ReadsDon’t e(stop) til you get enough

Shorter ReadsEstate planning need not be taxing

Shorter ReadsSister (P)act 2: Back in the Co(habit)ation

Shorter ReadsHMRC home in on Airbnb tax affairs

Shorter ReadsHMRC plots a route to CGT success

Shorter ReadsBit-coining it in: HMRC waiting for cryptocurrency windfall?

Shorter ReadsLawyer legacy leaves large litigation liability

Shorter ReadsFranklin my dear, I don’t give an (estate) plan

Shorter ReadsBetter to be pregnant this year rather than next?

Shorter ReadsUK Property held through a company may face increased scrutiny

Shorter ReadsWide ranging tax reforms suggested by the Lib Dems

Shorter ReadsHMRC error may mean over-payment of tax by non-resident trustees

Shorter ReadsJustice for the few

Shorter ReadsThe assault on secrecy/privacy marches on

Shorter ReadsLaw Commission to Review Law on Surrogacy

Shorter ReadsSocialite Tara Palmer-Tomkinson left her fortune to children she never had

Shorter ReadsKeep Britain Tidy

Shorter ReadsSpecial treatment – how can I get a “quickie divorce” like Billie?

Shorter ReadsCrying wolf

Shorter ReadsTwo year study shows divorce laws are not fit for purpose

Shorter ReadsCourts Head sets out next steps in digitisation of family justice

Shorter Reads
How will the Autumn Statement impact inheritance tax

Longer Reads
The Middle Classes and the Autumn Budget Statement: Fallback, Fail-Safe, Cash-Cow, Taxpayers

Longer Reads
Tax Justice UK proposes wealth tax to raise £37 billion

Longer Reads
The importance of trusts and ringfencing assets

Shorter Reads
ESG credentials key to attracting private investments, with ethical and moral concerns a deciding factor

Shorter Reads
Spring Budget Statement 2022

Shorter Reads
Thoughts on new measures to tackle “dirty money” in the UK

Shorter Reads
HICBC: January 2022 update – 2017/2018 tax position

Shorter Reads
Gifts to Disabled and Vulnerable People

Shorter Reads
Can I gift my holiday home or rental property to my children

Shorter Reads
What gifting options do non-domiciliaries have?

Shorter Reads
Gifting up a Generation

Shorter Reads
Gifts with international elements

Shorter Reads
What are the tax implications of being the Bank of Mum and Dad?

Shorter Reads
US tax changes could be imminent

Shorter Reads
The Giving Pledge

Shorter Reads
Can I give my home to my children (and still live in it)?

Shorter Reads
How to efficiently gift business assets

Shorter Reads
US/UK giving

Shorter Reads
Gifts and Lasting Powers of Attorney (“LPAs”)

Shorter Reads
How women can prepare for their greater exposure to IHT

Longer Reads
Collyer Bristow Annotations on the discovery assessments policy paper

Shorter Reads
Normal expenditure out of income

Shorter Reads
Gifting in the Arts (CGS v AIL)

Shorter Reads
How can I help my children buy a house?

Shorter Reads
How should I approach charitable giving?

Shorter Reads
Cyber criminals love lockdown

Shorter Reads
Second home owners beware!

Shorter Reads
HMRC estate administration investigations

Shorter Reads
Are Google’s cookies crumbling?

Shorter Reads
Domicile Enquiries – Tax Tribunal has jurisdiction to determine domicile in closure notice applications: Henkes v HMRC

Shorter Reads
Covid-19, Travel Restrictions, and Tax Residence of Companies: OECD Guidance Released

Shorter Reads
The President of the Family Division and Head of Family Justice’s formal guidance on compliance...

Shorter Reads
Retrospective Anti-Forestalling and the 2020 Budget Entrepreneurs Relief Changes: What Price the Rule of Law?

Shorter Reads
Prime Minister’s remarks increase Entrepreneurs Relief concerns

Shorter Reads
Pre-Budget CGT Planning: Time to Act for Entrepreneurs and Business Owners

Shorter Reads
General Election: party manifestos confirm coming CGT Entrepreneurs Relief changes

Shorter Reads
Calls to Abolish CGT Entrepreneurs Relief – Should Business Owners Be Worried?

Shorter Reads
Why apathy isn’t good enough when it comes to Wills

Shorter Reads
Are non-doms really leaving the UK?

Shorter Reads
Should inheritance tax be simplified?

Shorter Reads
Which parent died first and why does it matter?

Shorter Reads
£15bn lost behind the sofa

Shorter Reads
Johnson proposes £3,000 tax cut for higher earners

Shorter Reads
UK Supreme Court considers ‘the ordinary reader of a Facebook Post’ in Defamation claim

Shorter Reads
Being born a royal is hard enough – try being a US taxpayer too

Shorter Reads
One in a million? No, you’re only one in five.

Shorter Reads
Are robots writing your will?

Shorter Reads
Whenever, Wherever… no Shakira, you need to keep track.

Shorter Reads
Why giving money to UKIP might give you a large tax bill

Shorter Reads
Why you will no longer need to swear when visiting your solicitor

Shorter Reads
Government to push ahead with 3,770% increase in probate fees for the wealthiest estates

Shorter Reads
Leave your estate to loved ones rather than up to chance

Shorter Reads
Why the IHT nil rate band may be scant comfort for homeowners in the South East

Shorter Reads
Pension transfers may result in Inheritance Tax Charge

Shorter Reads
Careful estate planning can save you a princely sum

Shorter Reads
Don’t e(stop) til you get enough

Shorter Reads
Estate planning need not be taxing

Shorter Reads
Sister (P)act 2: Back in the Co(habit)ation

Shorter Reads
HMRC home in on Airbnb tax affairs

Shorter Reads
HMRC plots a route to CGT success

Shorter Reads
Bit-coining it in: HMRC waiting for cryptocurrency windfall?

Shorter Reads
Lawyer legacy leaves large litigation liability

Shorter Reads
Franklin my dear, I don’t give an (estate) plan

Shorter Reads
Better to be pregnant this year rather than next?

Shorter Reads
UK Property held through a company may face increased scrutiny

Shorter Reads
Wide ranging tax reforms suggested by the Lib Dems

Shorter Reads
HMRC error may mean over-payment of tax by non-resident trustees

Shorter Reads
Justice for the few

Shorter Reads
The assault on secrecy/privacy marches on

Shorter Reads
Law Commission to Review Law on Surrogacy

Shorter Reads
Socialite Tara Palmer-Tomkinson left her fortune to children she never had

Shorter Reads
Keep Britain Tidy

Shorter Reads
Special treatment – how can I get a “quickie divorce” like Billie?

Shorter Reads
Crying wolf

Shorter Reads
Two year study shows divorce laws are not fit for purpose

Shorter Reads
Courts Head sets out next steps in digitisation of family justice

Shorter Reads
Lies, Damned Lies and Divorce

Shorter Reads
Retiring family judge uses final speech to slam legal aid cuts

Shorter Reads
Unsent text accepted as dead man’s Will by Australian court