probate gross and net value

pdel61

If gifts have been made during the last 7 years I know they count towards inheritance tax, but I'm unsure if they should be included in the gross and net value for probate or not. Could someone please clarify.
Many thanks

JGB1955

I would have thought they would come under 'gross'.  Net takes into account funeral costs and bills/loans outstanding to third parties.

Keep_pedalling

Not sure what you mean by net value, if  the testator made a gift of £100k within 7 years of death that is the value that is added to the estate. If only gets more complicated if gifts exceeded the NRB.

pdel61

Keep_pedalling said:

Not sure what you mean by net value, if  the testator made a gift of £100k within 7 years of death that is the value that is added to the estate. If only gets more complicated if gifts exceeded the NRB.

When filling out the probate form online there's
Gross value for IHT -that's fine I know that includes gifts in the last 7 years
Net value for IHT - Again I know what that is
Then there's gross value for probate and net value for probate, and nothing within the guidelines seems to indicate if this includes gifts in the last 7 years or not, all that is mentioned is for IHT purposes.
In many ways none of it makes any difference as there is no IHT to pay, I'm just trying to get the figures correct.

Keep_pedalling

pdel61 said:

Keep_pedalling said:

Not sure what you mean by net value, if  the testator made a gift of £100k within 7 years of death that is the value that is added to the estate. If only gets more complicated if gifts exceeded the NRB.

When filling out the probate form online there's
Gross value for IHT -that's fine I know that includes gifts in the last 7 years
Net value for IHT - Again I know what that is
Then there's gross value for probate and net value for probate, and nothing within the guidelines seems to indicate if this includes gifts in the last 7 years or not, all that is mentioned is for IHT purposes.
In many ways none of it makes any difference as there is no IHT to pay, I'm just trying to get the figures correct.

I believe that the probate valuation does not include gifts or jointly owned assets that automatically pass to the surviving owner(s).