Inheritance tax

Keep_pedalling

diystarter7 said:

Is the 175k  on the top of your main plus 325k if left as per op post?

Yes, so in this case there is a £500k exemption, although if he was also a widower who had inherited his wife’s entire estate that is doubled to £1M as both her exemptions are transferable.

retiredandskint

diystarter7 said:

Is the 175k  on the top of your main plus 325k if left as per op post?

It is although it seems it could have been a lot more.

shiraz99

retiredandskint said:

It's the form you've given the link for.  My father-in-law died in April 2022.

That's just an online calculator. You can use it as many times as your wish as no data is sent to the HMRC, this only happens when you fill out the actual Probate application, providing it says there's no IHT to pay.

retiredandskint

Thanks.  When I've filled it out it does say no tax to pay so does that mean I can just start on Probate or do I need proof that there's no tax to pay.  Apologies for so many questions. 

Keep_pedalling

retiredandskint said:

Thanks.  When I've filled it out it does say no tax to pay so does that mean I can just start on Probate or do I need proof that there's no tax to pay.  Apologies for so many questions. 

You don’t need proof to complete the probate application. Even when you have had to fill in IHT forms you only ever needed the proof if HMRC challenge your numbers.

shiraz99

retiredandskint said:

Thanks.  When I've filled it out it does say no tax to pay so does that mean I can just start on Probate or do I need proof that there's no tax to pay.  Apologies for so many questions. 

As above, you don't need "proof" as such but be aware you're figures can be challenged so make sure your workings are all documented as is your legal responsibility to do so.

Marmaduke123

I've just done this. You have to enter figures from the online calculator in to a section of the probate application form. It explains exactly what you have to do. You can save the online probate form and return to it as many times as you like, making changes if you need to. You eventually reach a point where it tells you that you won't be able to make further changes if you proceed further, this is  just before you make the statement of truth.

I'm assuming you intend to do it online.

retiredandskint

I'm well within my allowance and I've kept records of all payments going in and out so can prove my figures.  Yes I intend to do it on-line.  

Thank you all for being so informative and your assistance.