Difference between Value of Estate for Probate and Value of Estate for Inheritance Tax

shiraz99

HavingAnotherGo said:

I'm not experienced in probate and this is my first time running through the system. The death in question occured since the rule changes of Jan 2022.

I ran the online IHT checker a few months ago and then again today and as in the original post, nothing there mentions 'Gross and Net Value of the Estate for Probate'.

However, as in the original post, when filing for probate, those two figures are required and my best effort was then to check 'IHTM06031 - General procedural matters: requirement to deliver information'

In IHTM06031 the notes suggest that for the gross value of the estate for probate: "The deceased’s share of jointly owned assets not passing automatically to the surviving joint owner should also be included."

After reading those notes, what I thought might be the case would be that joint assets automatically passing to a surviving spouse, would be deducted from the 'Gross and Net Value of the Estate for Probate'. I also understood separately that they are outside of the scope of the will as they pass by survivorship.

If so, that would lead to a situation where the 'Gross and Net Value of the Estate for Probate' are much lower than the Gross and Net values for IHT.

Am I wrong in my interpretation?

Many thanks

Can you please start a new thread and someone will be able to advise.

HavingAnotherGo

Many thanks shiraz99, I will start a new thread.