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Beneficiaries

Distributions can be made once the beneficiaries have been identified and the value gifts determined within the Estate Accounts.

Distributions can be made once the beneficiaries have been identified and the value gifts determined within the Estate Accounts. These distributions may be a mixture of capital and income. Where income is paid a Certificate of Tax deducted R185 (Estate Income) will need to be prepared to provide the beneficiary with the details they need for their personal tax position.

Income received by a beneficiary from a trust will be reported on R185(Trust Income) and will also be required for their personal tax reporting purposes.

What can we do to help?

  • Prepare a schedule of beneficiary distributions as part of the Estate/Trust accounts.
  • Prepare the forms R185 on behalf of the executors/trustees for each of the beneficiaries.
  • If the beneficiary does not already prepare self-assessment returns, assist them with repayment claims in respect of the tax deducted at source, if applicable.
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Butler & Co, Bennett House, The Dean, Alresford, Hampshire SO24 9BH

Butler & Co which is a Partnership, Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.
Licensed by the Institute of Chartered Accountants in England & Wales to carry out the reserved legal activity of non-contentious probate in England and Wales.
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