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grant of probate

On the grant of probate it says gross 'not exceeding' £200.000 and net 'not exceeding' £200.000. Does this mean there could be £80.000?

Comments

  • dzug1
    dzug1 Posts: 13,535 Forumite
    10,000 Posts Combo Breaker
    'Not exceeding' means the estate was not liable to IHT and that the figure has been rounded - but I wouldn't have thought by that much. I thought it was to the nearest £1K.

    It's also possible that the executor used wildly wrong estimates for probate

    http://www.justanswer.com/uk-law/67o4o-net-value-estate-does-not-exceed-x-figure.html may be of interest
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I will have to go check but don't have time just now

    Does it just not mean there are no exemptions for spouse or charity or...

    that all £200k is going to benificiaries that don't have any exemption.
  • jaradada4x wrote: »
    On the grant of probate it says gross 'not exceeding' £200.000 and net 'not exceeding' £200.000. Does this mean there could be £80.000?

    I wonder if perhaps there is now a blanket 'not exceeding £200K' phrase used on the grant of probate nowadays? Perhaps someone could confirm if this is the case?

    If not, then only the executor can account for the discrepancy, which was, as dzug suggests, probably a wild over-estimation of something in the first place.

    From my experience 2 and 5 years ago:
    The figure on the grant of probate is the estimated value of the estate from the IHT205 form that was submitted by the Executor to Probate Office/HMRC as part of the probate application process. It is usually rounded up a bit to allow a little lee-way.

    If the actual value of the estate turns out to be different than what was stated (e.g. a house sells for much more or much less than anticipated) the Executor is only obliged to tell HMRC if the actual value takes the estate over IHT threshold:

    'If you find something has been left out, or if any of the figures you have given in this form change later on, you only need to tell us if, taking all the omissions and changes into account, the value at box K is more than the Inheritance Tax nil rate band (or two times the nil rate band where form IHT217 has been submitted)'.
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