Hi . I’m registering an estate on the TRS and finding it somewhat confusing.
The estate is a simple estate (“probably” depending of what CGT there is when the property sells) but the admin is going past the 2 year point.
There has been income in the estate so I presume I state there is a tax liability even though this might have been covered by the “informal arrangement”
Do I declare beneficiaries and assets of the estate as at date of death or as current. i.e. most of the assets have already been transferred.
When it asks if income to beneficiaries is discretionary I presume this is “no” and the percentage applies to “income” and not to “capital” that is to be distributed. in which case for most beneficiaries it is 0%
Any clarification would be greatly appreciated as the TRS manuals don’t seem to help.
Has a trust been created by the Will, or is the estate just still in administration?
If the Will does not create a trust then no registration is required.
TRSM23020 provides more information.
The Will does refer to the executors as trustees to hold the trust fund on trust etc etc. So as I understand from previous posts it does need to be registered for administration.
The Will also calls for the setting up of a discretionary trust but that is a separate issue
Ah. On further investigation it looks like I may have entered the government gateway shambles from a “trust” page rather than an “estate” page. no idea how they expect you to know the difference.
However when I have entered through an estate page and answered the questions it says it is a simple estate and doesn’t need registering. No option to say it is over 2 years since DoD. So does that mean I need to register it as a trust which brings me back to the original question.
Thanks for that Nigel.
Looks like luckily I didn’t complete the registration so if I leave it unfinished it should delete after a time. No option to go back and say it is non taxable. Then create yet another gateway account.
If you take the correct route through the system first time, i.e. entering from the right point and answering the questions correctly with nothing complicated then it can works well.
Otherwise firstly you don’t know that you are in the wrong place which leads you down a rabbit hole of unnecessary questions to a dead end, of if you do enter the right place but answer a question incorrectly it can again lead you down a rabbit hole of incorrect questions with no means of backtracking if you make a mistake.
If a commercial company put out such a system it wouldn’t last 5 minutes.
