We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Grant of probate tax question
Options

V2001
Posts: 248 Forumite

in Cutting tax
On Grant of Probate form received it says at bottom "the gross value of estate does not exceed £325,000 & the net value does not exceed £72,000"
What does it mean by it does not exceed 72k, what is this referring to, nrb used or something??
What does it mean by it does not exceed 72k, what is this referring to, nrb used or something??
0
Comments
-
V2001 said:On Grant of Probate form received it says at bottom "the gross value of estate does not exceed £325,000 & the net value does not exceed £72,000"
What does it mean by it does not exceed 72k, what is this referring to, nrb used or something??
The net value is the gross value less any debts owed by the estate e.g. a mortgage.0 -
I believe historically where no IHT was payable and a IHT return was filed on the now obsolete IHT205 this was what the GoP would say, gross value not exceeding £325k simply meant no IHT payable net value not exceeding £72k was the actual net value of the estate.
If the £72k went to a spouse then none of the NRB would be used because of spousal exemption.1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards