Grant of probate tax question

V2001

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??

purdyoaten2

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 gross value of an estate is the sum of all assets.

The net value is the gross value less any debts owed by the estate e.g. a mortgage.

Keep_pedalling

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.