Inheritance tax understanding

flopsy1973

Hi
My mum recently passed away and i have started looking at her accounts and closing them. I have done a rough calculation and with the house it will be over the 325k. Some of this money came from my dad when he passed away in Dec 13, also the house was in his name also back then. So my question is as my dad never utilised his full allowance when he died does my my mum get this allowance added to hers? this is the way i have read it and understood it.

May i add there was no will, thanks for your help

Crabapple

Your mum's estate can claim whatever percentage was not used for your father's estate.

If everything went to her then there's another £325k. You have to fill in a form to claim it as part of the process.

flopsy1973

Crabapple wrote: »

Your mum's estate can claim whatever percentage was not used for your father's estate.

If everything went to her then there's another £325k. You have to fill in a form to claim it as part of the process.

What form is that please, i dealt with my dads estate but how do i know how much will be passed on to my mums estate

Crabapple

Think it's an IHT217? If you ring the probate registry they will send the forms you need.

If you've already got the figures then it should be easy to complete.

getmore4less

if you are claiming the full 100% there is an option to claim if it is an excepted estate using the IHT205,

if you work through that(with the notes) it should tell you what you need to do.

flopsy1973

Another question! can we just request a normal property valuation for free as arranged by zoopla etc for the purpose of applying for grant of administration and inheritance tax form. As one of our local agents who is on zoopla wanted £150 for probate valuation

Yorkshireman99

flopsy1973 wrote: »

Another question! can we just request a normal property valuation for free as arranged by zoopla etc for the purpose of applying for grant of administration and inheritance tax form. As one of our local agents who is on zoopla wanted £150 for probate valuation

If the estate value is close to or above the IHT limit then a paid for professional valuation by a RICS or similarly qualified person is essential so that HMR&C will accept it. Even then they may query it and then you may well need them to negotiate with the District Valuer on your behalf.

ThemeOne

You probably need forms IHT205 and IHT217 which can be downloaded from https://www.gov.uk together with their notes. I know this as I have just completed the returned them myself in what sounds to be a similar situation.

As my last surviving parent's estate was close to double the IHT threshold I paid out for a surveyor's valuation.

You also asked how much of your dad's estate would have been passed on to your mum. The answer is everything unless otherwise specified in his will.