Difference between Value of Estate for Probate and Value of Estate for Inheritance Tax
in Deaths, funerals & probate
12 replies 1.8K views
We are completing Form PA1P probate application and have completed the online IHT checker, which confirm no inheritance tax is due.
The checker provides the figures needed for completing Question 7.6 of PA1P ie. the Gross and Net Values of the Estate for Inheritance Tax, plus the Net Qualifying Value of the Estate. However, Question 7.8 asks for Gross and Net Value of the Estate for Probate, neither of which appear to be included on the checker list, unless of course they are the same as the value of the Estate for Inheritance Tax? The guidance notes for Question 7.8 are less than clear.
Any advice would be much appreciated.
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The probate values are based solely on what's in the estate of the deceased and therefore doesn't include anything in trusts etc.
That will give you exactly the figures to go in those boxes. Also, why are you using the form PA1P, you can do this all online.
Is there any transferable, unused nil rate band from a spouse to be applied?
If you want apply RNRB have you completed IHT400 and the accompanying form for RNRB?
Also, it's probably better if you start your own thread on the subject.