Just for clarity, to be able to use carry forward, you must pay at least £40k into a pension in the current year before you can use left over allowances from the prior 3 years. The exception is if you are affected by the taper, then you can use left over allowances once you have used your reduced allowance in the year.
At first glance it appears that you may be getting confused about the meaning of survivorship.
Joint assets usually pass by survivorship to the other owner on death. This is merely passing on the ownership, the value of the deceased's share is still considered part of the estate for IHT and Probate purposes.
Then you have the spousal exemption, which allows any assets passed to your father to escape IHT and not effect the nil rate band. The statement about the value of the estate on the grant is correct - the NRB and IHT situation is irrelevant to anyone needing to see the grant.
I am a digital designer we use various forums to seek information about a script sometimes or how to create a digital effect etc. but no one really says that I created a mess and should go to hire another designer. Thanks, anyway.
Ahhhh.. you see this is the issue!
This forum is for accounting professionals to ask questions of other accounting professionals, just like on your designers forum. It assumes a good knowledge of accountancy so that we can discuss the fine details of an issue, not explain the basic concepts of balance sheets etc - that would take years of study and experience!
Your question is impossible to answer in a forum situation, no one is being rude suggesting you see an accountant, it is what you really need to ge sure to get the correct answer for your unique situation!
Get him to go in to his Personal Tax Account and he will be able to update it instantly. I recently had the same trouble with the P46(car) and this sorted it straight away, new code issued the day after.
You could get him to enter it via his personal tax account.... it updates the record instantly and changes the tax code within a couple of days. I did it for my partner last month, it was very impressive!
My answers
Apologies carnmores, I have been reading up about pension rules recently and got a bit excited that a bit of knowledge had actually stuck!
Just for clarity, to be able to use carry forward, you must pay at least £40k into a pension in the current year before you can use left over allowances from the prior 3 years. The exception is if you are affected by the taper, then you can use left over allowances once you have used your reduced allowance in the year.
At first glance it appears that you may be getting confused about the meaning of survivorship.
Joint assets usually pass by survivorship to the other owner on death. This is merely passing on the ownership, the value of the deceased's share is still considered part of the estate for IHT and Probate purposes.
Then you have the spousal exemption, which allows any assets passed to your father to escape IHT and not effect the nil rate band. The statement about the value of the estate on the grant is correct - the NRB and IHT situation is irrelevant to anyone needing to see the grant.
Ahhhh.. you see this is the issue!
This forum is for accounting professionals to ask questions of other accounting professionals, just like on your designers forum. It assumes a good knowledge of accountancy so that we can discuss the fine details of an issue, not explain the basic concepts of balance sheets etc - that would take years of study and experience!
Your question is impossible to answer in a forum situation, no one is being rude suggesting you see an accountant, it is what you really need to ge sure to get the correct answer for your unique situation!
That is weird! Is it just paid as a 12th each month or are the payments 'lumpy'?
Get him to go in to his Personal Tax Account and he will be able to update it instantly. I recently had the same trouble with the P46(car) and this sorted it straight away, new code issued the day after.
I am a REALLY rusty on this, but I think that the tax wrapper still ceases upon death, and subsequent interest is taxable.
The spouse inherits the right to extra ISA allowance to the value of the deceased's ISA but it is not a continuation of the same ISA.
This may help, 6A:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
Do you use an accounting system, if so, which one?
You could get him to enter it via his personal tax account.... it updates the record instantly and changes the tax code within a couple of days. I did it for my partner last month, it was very impressive!
Thanks Ruddles...just needed to be sure that I had not missed some weird new rule, it is hard to keep up with all the budget meddling!