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Valuing Estate for Probate
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george4064
Posts: 2,928 Forumite
My Father died a few months ago and he owned about 33% of shares in a Private Limited Company that he was a partner at. He was employed by the company and paid via PAYE.
We need to apply for probate and complete the IHT400 form. However the process in which we put a value of the shares is open to debate, since there is no open market for them.
HMRC does provide some guidance and the Solicitors are willing to do the legwork for a hefty fee. However, since the shares are simply going into a Trust and no IHT is applicable, I don't think we need to spend thousands just to get a very rough estimated value just so we can fill in the IHT 400 form.
Furthermore, I am in communication with the managing partner of the company so I should be able to quite easily obtain the necessary information such as financial, assets etc.
So my question is, does anyone have prior experience of doing this and is able to share some wisdom?
Many thanks in advance for all and any of your help and guidance.
We need to apply for probate and complete the IHT400 form. However the process in which we put a value of the shares is open to debate, since there is no open market for them.
HMRC does provide some guidance and the Solicitors are willing to do the legwork for a hefty fee. However, since the shares are simply going into a Trust and no IHT is applicable, I don't think we need to spend thousands just to get a very rough estimated value just so we can fill in the IHT 400 form.
Furthermore, I am in communication with the managing partner of the company so I should be able to quite easily obtain the necessary information such as financial, assets etc.
So my question is, does anyone have prior experience of doing this and is able to share some wisdom?
Many thanks in advance for all and any of your help and guidance.
"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
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