Calculating Gross and Net Valuations for IHT and Probate

HavingAnotherGo

I'm not experienced in probate and this is my first time running through the system.

I’m trying to check that my own calculations of Gross and Net values for IHT and Gross and Net values for probate have been done correctly.

My dad died earlier in 2022 and his will passes all of his assets to his spouse, my mum. There are no other beneficiaries. No gifts have been made in the last 7 years and no assets are held in trust. Nothing has been left to a qualifying charity. My father did not have a previous late spouse/civil partner. The house was owned by dad and mum as joint tenants.

His assets are:
A.    House jointly owned with spouse (Total value of house / 2)
B.    Money in bank jointly owned with spouse (Total in that account / 2)
C.    Money in bank owned as an individual
D.    Personal items
E.    Foreign assets
F.    Other assets

Debts are
G.    Debts
H.    Funeral costs

My IHT valuation calculations are:

Gross value for IHT= A + B + C + D + E + F

Net value for IHT = Gross value for IHT - (G + H)
Relief and exemptions (spouse sole beneficiary) = Net value for IHT
Net qualifying estate value for IHT = 0

My probate valuation calculations are:

Gross value for probate = Gross value for IHT - (A + B + E)
Net value for probate = Gross value for probate - (G + H)

I have used the online IHT checker and the gov.uk notes as sources as information.

I am doing the above calculations correctly?

Many thanks

markgpw

Hi, did your calculations prove correct? I'm currently at the same position with my father's probate form and am unsure about the calculations for Gross and Net Values For Probate.

George1701

Hi, I would be most grateful if someone could confirm that the O/Ps assumptions were correct.
Thank you.