Gross and Net on Estate Valuation?

BrandyandSoda

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?

Marcon

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?

The gross value of the estate is the market value of all the assets. Take off any debts and that gives the net value.

Keep_pedalling

Marcon said:

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?

The gross value of the estate is the market value of all the assets. Take off any debts and that gives the net value.

Take off the funeral costs as well.

Pennylane

It should explain all this on the forms.  It will say something like “deduct figure in box z from figure in box y”.