We know some items have different types of income declared at date of death, this article features a short video and a guide on where to add these on the asset and how they then appear in the estate accounts output.
🎓 The different types of income declared at the date of death are:
⭐ Interest accrued🌙 Dividends
⭐ Bonuses
🌙 Unclaimed prizes
⭐ Index-linked increases
How do the different types of income declared at date of death show on the platform?
You will only see the option to add these within the Account value section of assets that allow for that type of income. Please see below for asset examples; bank account, nominee investment account, endowment policy, premium bond and an index linked savings certificate:
How do the different types of income declared at date of death show on the estate accounts output?
Navigate to Estate accounts, click to export and once the export is open, scroll down to the Estate at date of death page, you will see the different incomes displayed underneath their related asset:
The total value of all these incomes are removed from the estate value within deductions on the adjustments page, meaning the values can then be shown later on the income page without being double counted:
And here they are added back on the income page so the values can be considered towards any tax payment that may be necessary:
💁 The values were declared at date of death and therefore will always show in the first tax year column
👷 Our team are regularly making improvements and adding new features. Some things may have changed since this guide was written as functionality gets even more fabulous. If you need further assistance, please contact the Customer Success team who are always happy to help.
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