IHT402 "net value of the spouse or civil partner’s estate"

Hi, I'm ploughing through the HMRC forms. I'm filling in IHT402 to transfer my father's nil rate band. When he passed away, everything was transferred to my mum (house and joint accounts). This was about 12 years ago, from memory I didn't need probate, however one of the questions on IHT402 asks "net value of the spouse or civil partner’s estate".

Any idea how I'm meant to enter or calculate a figure for this if no probate was needed at the time, and it was 12 years ago? It was joint bank accounts and the house that were in joint names, and then when he died it was all transferred into my mums name.

Any advice appreciated

thanks in advance


Comments

  • If you did not have to do probate you will have to take an educated guess as to the value. There is no way HMRC will have exact figures either as nothing was submitted at the time.
  • I had this situation too - my dad was over 25 years ago and there was no paperwork, previous will etc. We made an educated guess on the value of the jointly owned house at the time of his death, allocated 50% of that to him and then added a few thousand for savings. It was accepted and no queries and probate recently granted. A lot of the questions we completed to do with my dads nil rate band and transferable amounts were all guess work. Hope that helps
  • deewillow said:
    I had this situation too - my dad was over 25 years ago and there was no paperwork, previous will etc. We made an educated guess on the value of the jointly owned house at the time of his death, allocated 50% of that to him and then added a few thousand for savings. It was accepted and no queries and probate recently granted. A lot of the questions we completed to do with my dads nil rate band and transferable amounts were all guess work. Hope that helps

    If you did not have to do probate you will have to take an educated guess as to the value. There is no way HMRC will have exact figures either as nothing was submitted at the time.

    Thanks to both of you, that's very helpful. As probate wasn't needed for my dad, and it will have no impact on inheritance tax or the transfer of the nil rate band, I suppose it doesn't matter and as you both say and educated guess will do. Thought I better check though, from what I have read probate and IHT takes ages at the best of times, so I don't want to enter any errors that is likely to extend that even further. I'm guessing if it was millions, they might have a closer look. Anyway thanks again!
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