Proformas

Question 1

What is the proforma for death estate?

Answer 1

Pro forma death estate computation
£ £
Property X
Less: mortgage (not endowment) (X)
X
Business (soletrader/partnership) X
Stocks and shares (inc. ISAs) X
Government securities etc.
Insurance policy proceeds
Property
Motor cars
Personal chattels
Debts due
Cash at bank (inc. ISA)

Less:
Debts due by deceased (X)
Outstanding taxes (X)
Funeral expenses (X)
(X)
Estate value X
Less: Exempt legacies to spouse (X)

Gross chargeable estate X

Question 2

Proforma for a CLT payable in lifetime?

Answer 2

CLT
XX.XX.XXXX
£
Transfer of value X
Annual exemption:
Current year: XXXX/XXXX (X)
Previous year: XXXX/XXXX (X)

Chargeable amount: net/gross X

Nil rate band at gilt: 325,000
Less GCTs < 7 years before) (X)

NRB available (X)

Taxable amount X

IHT payable X

Paid by: X
Due date of payment: X

Gross chargeable amount X

Question 3

Proforma for taxing the death estate?

Answer 3

£
Gross chargeable estate value XXX,XXX
Less: RNRB (XXX,XXX)
Less: NRB at death (XXX,XXX)

Taxable amount XXX,XXX

IHT liability (XXX,XXX x 40%) XXX,XXX

Notes:
- RNRB: lower of 150,000 or value of property (property price - mortgage repayments left

Question 4

Proforma for income tax computation?

Answer 4

Income tax computation 19/20
Total Non-sav Savings Dividends
Trading income X X
Employment income X X
Property income X X
Pension income X
Bank interest X X
Building soc. interest X X
Dividends X X

Total income X X X X
Reliefs (X) (X) (X) (X)

Net income X X X X
PA (X) (X) (X) (X)

Taxable income X X X X

Income tax: 
                          £                          £
Basic rate:  XX,XXX x 20%      X,XXX
High rate:   XXX, XXX x 40%   X,XXX
Add. rate:   XX,XXX x 45%       X,XXX
                          X

Income tax liability X