Probate amendment?

Carlottaelliot

My husband recently died and left a will where I’m the sole executor and beneficiary.
The house and the accounts were jointly owned. I sent an IHT205 form and I didn’t need to pay any inheritance tax as the total of assets is below a million and I’m the spouse. Last week I received Grant of Probate in which it stated that the gross and net value of the property is £49,700. (I paid all the funeral expenses myself from my own account and there are no debts).
Only yesterday I found out that my husband had an ISA of just over £51,000 (for which the bank requested G of P). So now the property’s value stated on Probate is wrong and inferior of the above ISA. How can I resolve this issue? I thought there was a way to have Probate amended but I cannot find anything on line. Do I need to make another inheritance tax form and reapply for probate from scratch? Any idea who I should contact?

getmore4less

Don't bother just use the grant to collect the money.

HMRC don't care as there is no IHT.

As everything is spouse exempt anyway the only thing you need to track is the transferable nil rate band in case your executor needs it.
(If no non exempt gifts in the previous 7 years most likely 100%)

Keep_pedalling

Getmoreforless is correct you don’t need to amend it.

On a separate point, if you want to keep this money in an ISA don’t forget the Additional Permitted Subscription (APS) allowance, which allows you to do this even though the amount is over your annual allowance.

https://www.bsa.org.uk/BSA/files/3f/3ffba105-98fe-400c-8496-6b18f5998b7c.pdf

Certainly worth it for S&S ISAs, probably not worth bothering if you are going to keep it as cash.

Carlottaelliot

Thank you Getmore4less and Keep pedalling for your replies. I was pretty anxious and just now I don't need extra problems. Also thanks for the info on the APS - very useful.