IHT online form

crikaus

Keep_pedalling said:

crikaus said:

WaywardDriver said:

crikaus said:

tasticz said:

you may not require probate. 

has any institution asked you to provide probate?

Yes the s and shares isa wants probate, thus the reason for asking, and going through this. 
 I may just fill in iht205 paper form it's alot easier 

Not IHT205-related but make sure S&S ISA transfers to surviving spouse as an Additional Permitted Subscription in order to retain its tax-free status.

Yes ive read about APS, I was planning to do in specie APS,but they need probate first 

I don’t think it is possible to do in specie when it is going to an ISA account in someone else’s name.

from what ive read it is possible, only rule is the surviving spouse has to use the same ISA manager as the deceased, which in this situation is ideal

crikaus

Keep_pedalling said:

crikaus said:

Can anybody answer the original question regarding estate value?

It’s the total estate value, with everything going to the spouse box K should be zero.

there is no box K in the online version, i have completed IHT205 where box K is 0, but online version is more confusing,

it has a section called "estate value- estate exemptions" which i assume is the same but im not sure.

ill make it to 0, if they want to arrest me go ahead!

another option is send paper version IHT205, if i complete probate application online, can i send IHT205 with the will, to the probate office.

AnAnonUser

Keep_pedalling said:

I stand corrected.

And coincidentally it concluded today.

The way it worked was, the ISA is valued on day of death.

That amount, as in specie investments(1), is allowed to be  transferred to my ISA. So a bunch of funds and ITs turned up in my ISA this morning.

The excess(2)was sent to my share account ( i had the option of taking it as cash).

Investments were transferred largest first but i also could have specified which ones to prefer. So very flexible.

(1)Also, i did have the option to just sell everything and transfer cash (this was a C19  concession, normally, apparently,  they dont allow that)

(2)There was an excess because my spouse died close to the bottom of the Covid 19 crash so the value had risen by the time the transfer happened.

UPDATE: This is all rubbish, see post lower down.

crikaus

I thought the value of the APS transfer was the higher of:
1) value at death
or
2) when the continuing ISA stops being a continuing ISA, therefore there should be no requirement to sell any funds

Dox

crikaus said:

I thought the value of the APS transfer was the higher of:
1) value at death
or
2) when the continuing ISA stops being a continuing ISA, therefore there should be no requirement to sell any funds

From 6 April 2018,  the APS ISA allowance that can be passed to the spouse changed, so that the APS will normally be the value of cash or investments passed on, or the value of the ISA on the date of death – whichever is higher.

crikaus

Dox said:

crikaus said:

I thought the value of the APS transfer was the higher of:
1) value at death
or
2) when the continuing ISA stops being a continuing ISA, therefore there should be no requirement to sell any funds

From 6 April 2018,  the APS ISA allowance that can be passed to the spouse changed, so that the APS will normally be the value of cash or investments passed on, or the value of the ISA on the date of death – whichever is higher.

This is exactly the point I was making, If the value is higher on closure, then  just transfer it over to the spouse, if value is lower than death, then again just transfer the units over and you can top up with your own money if required.
Therefore there should be no reason to sell any units, or maybe I am missing something 

AnAnonUser

My apologies to all.

The letter from the broker had come in that morning and I had just skimmed it and it appeared to be two different amounts placed in my accounts, and I thought the second amount was going to a shares account since the ISA had risen above its value at death.

However, when i read it  ̶c̶a̶r̶e̶f̶u̶l̶l̶y̶properly it was two different amounts merely because one was in cash and one was in investments. Both went into my ISA.