I am dealing with an estate where the sole beneficiary dealt with the transfer of a unit trust into his name during the administration. I have received a consolidated tax certificate for the asset up to 2017. The unit trust was transferred in May 2016. There is some discussion as to whether the executors are liable for the income tax up to 2017 or whether we should apportion the income and only pay up to the date transfer of the asset. It would seem easier to pay up to the end of the tax year even though the income has gone to the beneficiary since May 2016. The beneficiaries accountant is of the view that we should pay for the whole tax year as we are still within the administration period. Any guidance would be appreciated.
Phoenix Legal Group