Estates of deceased taxpayers
27/03/1990
Query
Extent of credit available to beneficiaries in respect of tax paid by executors
Decision
The executor is liable to tax @ the standard rate on the gross income of the estate but can make distributions only out of the net income i.e. gross income less expenses of management. Forms RI85 issued by executors should reflect this i.e. executors should not issue certificates for the gross income received by them
Income Tax
Section 802, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT902008