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Gross and Net on Estate Valuation?
BrandyandSoda
Posts: 3 Newbie
I’ve completed the probate process for my Dad’s estate. There was no IHT to be paid when all allowances were taken into account. Therefore, what does it mean when the Grant gives a figure for gross and net, the latter obviously being lower?
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Comments
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The gross value of the estate is the market value of all the assets. Take off any debts and that gives the net value.BrandyandSoda said:I’ve completed the probate process for my Dad’s estate. There was no IHT to be paid when all allowances were taken into account. Therefore, what does it mean when the Grant gives a figure for gross and net, the latter obviously being lower?
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Take off the funeral costs as well.Marcon said:
The gross value of the estate is the market value of all the assets. Take off any debts and that gives the net value.BrandyandSoda said:I’ve completed the probate process for my Dad’s estate. There was no IHT to be paid when all allowances were taken into account. Therefore, what does it mean when the Grant gives a figure for gross and net, the latter obviously being lower?
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It should explain all this on the forms. It will say something like “deduct figure in box z from figure in box y”.0
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