Date of inheritance of an asset

[rfisher]

When do you legally inherit an asset - on the date of death of the deceased owner or on the date of granting Probate?

[SantaBarbara]

Give more detail please?

[SantaBarbara]

It depends

[rfisher]

I'd like to confirm that income tax due on income generated from an inherited asset would be payable from the date of granting of Probate.

Prior to that date it would be added to the deceased's estate and be assessed for the purpose of inheritance tax.

[SantaBarbara]

What is the asset please?

[SantaBarbara]

How much is the income?

[SantaBarbara]

rfisher said:

I'd like to confirm that income tax due on income generated from an inherited asset would be payable from the date of granting of Probate.

Prior to that date it would be added to the deceased's estate and be assessed for the purpose of inheritance tax.

Depends how frequently the rental payments are due and payable?

Maybe Income tax NOT inheretence tax?

[konark]

You inherit an asset when the executor gives it to you.

With a house it's different, if the bequest is specific you technically inherit on death, if it's part of the estate (i.e not mentioned specifically) it's when the executor gives it to you.

[rfisher]

It's a commercial property, rent paid quarterly. I'm a beneficiary and an executor of the Will.

[SantaBarbara]

The executor holds the asset in trust

[alfie2244]

rfisher said:

When do you legally inherit an asset - on the date of death of the deceased owner or on the date of granting Probate?

Pure guess but when the asset is legally transferred to you by the executor . Up to that point any income would go into the asset pot I would think...well I hope so because that is what I am currently doing as an executor.

Edited by alfie2244 on Friday 25th August 13:20