For IHT205 help please if possible

New_Executor

Hi guys,
Wonder if you can help.

Myself and brother in law are executors to family member (we've never done this before - although he did help his mum with is grandmothers estate )
The estate falls below the 325k IHT threshold.

There is no property as this was sold a few years ago but as a result of this she did make gifts to family members, some by cheque , some cash - not a problem as the adult children both got an equal amount, then all grandchildren an equal amount then again equal value for the great grandchildren.
This is where we am a little confused, on form IHT205 question 9.1 it wants all gifts listed over the 3k limit. Does this mean we have to name everyone who received a gift or purely put the lump sum - the 3k limit.
We did phone the probate office and was told vaguely not to worry about it too much as the estate falls under the IHT limit, and don't need to list anyone.
Feeling that we didn't get the right answer brother in law then phone the probate helpline to be told we do have to list everyone.
So if we do have to list who received what do we just put a total amount or the breakdown into the box. The total amount gifted was approx £18k (then minus the £3k limit). She doesn't appear to have gifted anything the year before.

She then gifted family members the following year but nothing in excess of the 3k limit.

We have an appointment to see a solicitor next week to clarify the situation but I thought I'd ask on here as you guys are amazing.

If it's too confusing and we are doing it wrong we are willing to get the solicitor to sort the paperwork for probate but continue the rest of the process ourselves.

Any help or tips gratefully received.

Thanks for reading.

(I am a long time poster but have new username to keep things seperated)

Yorkshireman99

If the estate is well below the IHT threshold then just the total gifts is all that is needed. HMR&C are only interested if the estate is near to or over the IHT threshold.You don't need a solicitor to do the job.

New_Executor

Is it really just as simple as that?
So. Total gifted for 2012 18k -3k limit. Total £15
Or is there another way of wording it (or are we barking up the wrong tree?)

Thank you

Keep_pedalling

New_Executor wrote: »

Is it really just as simple as that?
So. Total gifted for 2012 18k -3k limit. Total £15
Or is there another way of wording it (or are we barking up the wrong tree?)

Thank you

If she gifted nothing the previous year the total is actually £12K as you can carry one year forward, not that this makes any difference in this case, as there is no tax to pay anyway.

ERICS_MUM

Yorkshireman99 wrote: »

If the estate is well below the IHT threshold then just the total gifts is all that is needed. HMR&C are only interested if the estate is near to or over the IHT threshold.You don't need a solicitor to do the job.

Exactly this. I have just obtained probate for my late Mum. Her estate was well under the £325000 IHT limit and I just put totals on the form. Probate came through without further query (apart from the oath ).

I found the forms scarey but I get the impression they don't want chapter & verse for estates that will not pay them IHT.

getmore4less

If under Nil rate band and no surviving spouse civil partner it becomes a paper exercise for HMRC and getting a grant.

New_Executor

Thank you again for the replies, they are very much appreciated.

I'm sure I will be back on here again asking for your help during the process.

One last question can we go to any solicitor that we can swear the oath or does it have to be a designated one in the area?

Yorkshireman99

New_Executor wrote: »

Thank you again for the replies, they are very much appreciated.

I'm sure I will be back on here again asking for your help during the process.

One last question can we go to any solicitor that we can swear the oath or does it have to be a designated one in the area?

Almost any solicitor will do.