My dad passed away last year and I inherited his rental property. What do i need to do?
So there are two main periods involved -
First Period from April of the year of death to the date of death and
Second Period is the estate administration period from date of death
For the first period, a tax return for your dad will need to be completed for his rental (and any other) income
For the second period, things are a bit more complicated.
If any of the following conditions are met, a formal trust and estate tax return (SA900) will be due:
Your dad's estate is worth more than £2.5 million at the date of death, or
At least £500k worth of assets per year have been sold by the estate administrators or
Total tax due from income or capital gains exceeds £10k during the administration period
If the above criteria are not met, then all that may be required is the preparation of a schedule showing the income arising
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