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Death, where is thy sting?
KEYPONTS
- Personal representatives include those acting as executors or administrators.
- Is entrepreneurs’ relief unavailable to personal representatives?
- The practical application of The Law Reform (Miscellaneous Provisions) Act 1934.
- The right to make a claim for tax relief is a cause for action within the legislation.
- For EIS relief the personal representatives may be able to claim deferral relief for a transaction by the deceased if the shares were still owned on death.
- HMRC accepts that post-cessation trade relief can be available if a business ceased due to the death of the taxpayer.
The train of thought reflected in this article was triggered by an error made by an HMRC caseworker. An enquiry had been opened into the tax return submitted by the personal representatives of a...
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