Grant of Confirmation

Ying1

I have a further question. I am confused about how to work out the net qualifying value of the estate.

The net value of the estate is 365 000. No IHT should be payable because the house has been left by my father to my brother and I which I understand increases the tax free inheritance from 325 000 to 500 000. Additionally my mother predeceased my father, left all of her estate to my father, and none of her allowance was used up so that her 325 000 allowance would transfer to my father.

Is the net qualifying value the net value of the estate minus the IHT free allowance, i.e. £0? Or should the 365 000 figure go in that box?

buddy9

In this case, where the spouse is predeceased, and if there is no legacy left to charity, then the NQV (box 25) will have the same value as the net estate in box 24.

Also ensure that box 22 is ticked yes.

The estate is an excepted estate on the basis that the gross estate value for Inheritance tax does not exceed £650,000 (NRB plus TNRB) and that the other criteria for a low value excepted estate are met.