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I am a director of a Ltd UK business my ex wife was also a

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i am a director of a Ltd UK business my ex wife was also a director 50/50 shareholding, tragically my ex wife passed away recently, the EOW in my late wife's will are as follows , £75,000 will be left to me on the condition that i purchase her 50% shareholding in the business (think this was done to reduce inheritance tax) from the trust that will be formed which will contain all my late wife's asset, the only beneficiary is our daughter which is fine, my question is my late wife's directors account in the business was in the region of £65,000 overdrawn what happens to this ? , i am an executor of the will along with 2 professional executors and i am being told the business will have to bare the tax due on the deceased directors account , my thinking is the estate owes the business £65,000 or has to pay the tax due on £65,000
Submitted: 11 months ago.
Category: Tax
Customer: replied 11 months ago.
Or put simply a director has died and the directors account is £65,000 overdrawn can the limited company claim this back from the estate?
Expert:  Nicola-mod replied 11 months ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  Nicola-mod replied 11 months ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 11 months ago.
its ok i will ask an accountant
Expert:  bigduckontax replied 11 months ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. In essence the company is owed GBP 65000 odd by the deceased to clear the director's account. This must be paid from the estate to the company. As it is an outstanding debt of the deceased it will reduce the total of her estate. Simple, as the Meerkat in the TV advert would say! The suggestion that the company will have to bear up the tax due on the director's account is simply balderdash and piffle! By the way I am both a Chartered Certified Accountant and a Chartered Secretary!
bigduckontax, Accountant
Category: Tax
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Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 11 months ago.
Thank you for your support.

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