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Online Probate queries


Hi
I am in the process of applying for probate for my aunty and found this forum and the responses from contributors absolutely invaluable.
It is a straightforward application but I have some queries regarding the five sets of figures required using the online probate application.
1 Gross Value for IHT
2 Net Value for IHT
3 Net Qualifying Value for IHT
4 Gross Value for Probate
5 Net Value for Probate
To set the scene:
Aunty died recently so the 2022 changes to probate rules apply
Her husband died the previous year and everything left to her
Whole Estate simply made up of house+cash+car
Example Values below which Total £705k
House £335k
Cash £350k
Car £20k
There was £45k gifted in last 7 years
Debts of £1300
House goes to direct descendants so Residential NRB applies
Aunty inherits uncles IHT NRB allowance
My questions are:
I assume the allowance are 2 x £325k NRB and 2 x RNRB £175k = £1m
Do I fill in the five fields above as follows:
1 Gross Value for IHT £705k estate +£45k gifts = £750k
2 Net Value for IHT =£748.7k (gross less £1300 debts)
3 Net Qualifying Value for IHT =£0 (as all covered by NRB and RNRB)
4 Gross Value for Probate =£705k (total less £45k gifts)
5 Net Value for Probate =£703.7k (gross less debts)
I would be very grateful for confirmation and any other tips and guidance that may apply.
Thanks
Comments
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No exemptions therefore NQV should also be £748.7K ?1
-
Thanks for your reply
You say No exemptions therefore (NQV) Net Qualifying Value for IHT would be the same as the Net Value for IHTWhere would Probate or HMRC understand that 2 x £325k NRB and 2 x RNRB £175k = £1m covers it?0 -
just919view said:Thanks for your reply
You say No exemptions therefore (NQV) Net Qualifying Value for IHT would be the same as the Net Value for IHTWhere would Probate or HMRC understand that 2 x £325k NRB and 2 x RNRB £175k = £1m covers it?0 -
Can you claim £350k RNRB if the house is only worth £335k?
AIUI the net value should take funeral costs into account.#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660 -
I am aware you can only claim RNRB to the value of the house, up to a maximum of what is available from the 2 x £175kI am still not clear regarding the figure that goes into Net Qualifying Value for IHT
Also, if you tick NO to the question "Did you complete IHT forms to report the estates value", I didn't think you need any IHT forms regardless if you want to use the RNRB0 -
just919view said:I am still not clear regarding the figure that goes into Net Qualifying Value for IHT
Also, if you tick NO to the question "Did you complete IHT forms to report the estates value", I didn't think you need any IHT forms regardless if you want to use the RNRB0 -
just919view said:I am still not clear regarding the figure that goes into Net Qualifying Value for IHT
1 -
So in my example at the top of the thread - it would be £748.7 less £325.0 (transferred from my uncle) = £423.7k
And on this basis, the £325k available to my Aunty would be taken off by HMRC?Thanks0 -
just919view said:So in my example at the top of the thread - it would be £748.7 less £325.0 (transferred from my uncle) = £423.7k
And on this basis, the £325k available to my Aunty would be taken off by HMRC?ThanksYou are confusing estate values with allowances.
The net qualifying value for IHT is the value of the estate for IHT purposes less liabilities less the amount of estate which is exempt from IHT because it passes to a spouse, civil partner or charity. In this case none of the estate passes to a spouse - the spouse predeceased.
NQV is used, among other things, to determine whether an estate is an excepted estate for IHT purposes. An excepted estate is one where an IHT account does not need to be submitted to HMRC.
On the other hand - NRB, TNRB, RNRB and TRNRB are allowances which are used to determine the amount of IHT which is payable on an estate.
1 -
Thanks you are really topping my understanding for which I am very grateful
I think I have come to the conclusion that I won’t be able to submit the request for probate online as it requires supporting forms for RNRB TRNRB namely IHT435/5 and I assume that would also mean IHT4000
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