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Tax payments from deceaseds’ accounts
The Revenue has agreed, following discussions between the British Bankers’ Association and the Building Societies’ Association, a process that will allow personal representatives to draw on funds held in the deceased’s bank and building society accounts solely for the purpose of paying any inheritance tax that is due before the grant of representation can be issued.
The Revenue is preparing the necessary forms and guidance, and the start date for the scheme will be announced through the Revenue’s Inheritance Tax Newsletter and website.
Charter marks
Fourteen Inland Revenue offices collected charter marks for 2002. Accounts Office (Cumbernauld, East Kilbride and Newcastle) won a charter mark for the third time, and four other offices, including three valuation offices, for a second time. The offices are from all areas of the United Kingdom and represent the various aspects of the Revenue’s responsibilities.
New relief
The community investment tax relief came into operation on 23 January 2003. This scheme encourages investment in disadvantaged communities by giving tax relief to investors who back businesses in less advantaged areas through community development finance institutions.
The Revenue has published, on its website, notes giving guidance on how the scheme will be administered. Separate guidance aimed specifically at potential investors in the scheme is planned for publication in March 2003.
Retail prices index
The RPI figure for December 2002 is 178.5.
