»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp period of administration starts with the death of the testator. It finishes when the executors have discharged all their duties. It has three phases.

Phase 1

»Ê¹ÚÌåÓýapp executors

• arrange the deceased’s funeral
• get details of all assets and debts
• pay any inheritance tax that is due
• obtain a grant of probate, recognising their lawful ownership of the assets of the deceased.

Phase 2

»Ê¹ÚÌåÓýappy bring the assets together in their hands.

Phase 3

»Ê¹ÚÌåÓýapp executors

• pay the debts of the deceased
• hand over, or pay out, specific bequests
• determine what is left (ascertain the residue).

»Ê¹ÚÌåÓýappn they pay it out to those nominated in the will (the residuary legatees). »Ê¹ÚÌåÓýapp provisions of ITTOIA/S682A (for non-corporate beneficiaries) and CTA2009/S967 (for beneficiaries within the charge to Corporation Tax) require that, if requested to do so, they provide such persons with a statement in writing showing

• the amount treated as the beneficiary’s share of the income from the residue of the estate, and
• the amount of tax at the applicable rate (ITTOIA/Ss670, 679(2) and (3) for non-corporate beneficiaries, and CTA2009/S952, 962(2) and (3) for corporate beneficiaries) such income is deemed to have borne.