We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
grant of probate

jaradada4x
Posts: 1 Newbie
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?
0
Comments
-
'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 interest0 -
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.0 -
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)'.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.2K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards