PROBATE

Tattycat6

My brother and I are looking to complete the Probate Forms for our late mother without using a solicitor.  She left a house worth £450,000 (jointly to us) and savings worth £150,000 (jointly to us).  We believe we can 'inherit' our late father's portion of inheritance tax exemption and our own.  I know we have to complete PA1P but which Inheritance Tax Forms do we have to complete?  Many Thanks.

RAS

Assuming your parents were still married at the date of the first death, the IHT limit is £1m, if the house is valued at £350k or more. 

The rules were simplified for estates below the IHT limit and I believe you don't now need to complete an IHT form.

Given the amount of slack you've got, it might be worth valuing the house at the most optimistic EA valuation. Given the reduced CGT allowances, it would be very easy to accrue a CGT liability if the house sold for slightly more than the average suggested. You have to declare and pay within 60 days of the sale.

Keep_pedalling

Assuming your parents were married and your mother inherited all of your father’s estate then you don’t need to claim either residential NRB so will not need to submit an IH?t return.