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Category: Law
Satisfied Customers: 331
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I completing form iht403 as my late father had excess income

Customer Question

Hi I completing form iht403 as my late father had excess income that I assigning gifts to- my ptroblemnis that in his last 6 months of life he incurred some 50k of care home and nursing costs that put that tax year as a whole in deficit . Is it an argument that he had surplus income for half the tax year?
JA: Where are you? It matters because laws vary by location.
Customer: England
JA: What steps have you taken so far?
Customer: None injusy have bank account analysis i just have
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I was financial power of attorney during the period
Submitted: 1 year ago.
Category: Law
Expert:  leylashahin replied 1 year ago.
Hello I will try to help you. If there are debts owed from the estate then you need to complete form IHT 419. The HMRC should give you all figures at the date of death for you to complete the forms accurately. Please let me know if I have misunderstood the question and then please leave me 5 stars so I can get paid. Many thanks.
Customer: replied 1 year ago.
you’ve misunderstood . My dad was using the ability to give away excess income for the last 4 years so the gifts weren’t subject to tax. In the tax year 19/20 he was doing this but his health deteriorated and he spent 50k on care in the last 6 months of the tax year, spending all his normal excess income for the year as a whole. As a result I am asking whether HMRC will allow me to say he had excess income in the first half of the year he mostly gifted, or whether they only consider tax years as a whole
Customer: replied 1 year ago.
Ok happy with that!
Expert:  leylashahin replied 1 year ago.
I will opt out so that another expert can answer.