The procedure by which access is gained to the deceased鈥檚 assets is often referred to as 鈥榦btaining probate鈥�. An executor鈥檚 authority to deal with the deceased鈥檚 affairs (which derives from the Will) is evidenced by the grant of probate. Where there is no Will, the administrator derives their authority from the grant of letters of administration. The umbrella term for these grants is a 鈥榞rant of representation鈥�.
Remember that certain activities, such as the 鈥榩reparing any probate papers for the purposes of the law of England and Wales or in relation to any proceedings in England and Wales鈥� are reserved legal activities. This means that authorisation is required to undertake work related to the application of the grant of representation. Historically, only solicitors were authorised to do this. However, other professionals can now become authorised by their regulatory bodies, including accountants through the ICAEW.
A grant of representation authorises the personal representatives (PRs) to administer the estate of the deceased person named on the grant.
Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by 鈥榣ong-term鈥� UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay
Sales, advertising and marketingExpenditure on sales, advertising and marketing activities may include amounts which are disallowable for the purposes of calculating trading profits. This may be because the expenditure is:鈥apital in nature (see the Capital vs revenue expenditure guidance note)鈥ot
Indexation allowance and rebasingThis guidance note explains the general rules surrounding the availability of indexation allowance (which was frozen at December 2017) on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview