I am assisting in the administration of a deceased persons estate. The admin period is now over and we have obtained probate. The inland Rev have sent us form IR27 potential repayment of tax to a deceased persons estate. The deceased person had a number of savings accounts on which he paid tax,there were also a couple of ISA;s. When we informed the holders of the ISA's of death,they sent valuations up to the date of death and started forwarding tax at 20% to the IR.
So then,what exactly can we reclaim by way of tax,if anything?
The deceased was already paying some tax on his pension income so this would suggest that his income from pension was in excess of his annual personal allowance.
Presumably then, the tax deducted on savings uptil death was valid and not reclaimable but what about the tax dedudcted on savings during the admin period?
Also what about the tax that has been paid on the ISA's during the Admin period?.
Thanks for any clues
joe