Additional inheritance long after probate has been granted

SouthDownsGirl21

My father died in 2009 and my mother in 2010.  They had a lifetime mortgage on their property which was settled at the time of my mother's death and probate for her was granted on 21st April 2010.  I was her sole beneficiary.  The NatWest Bank have now advised me that there is an additional £45k due to me in connection with the lifetime mortgage (this is not a scam - I have been dealing with their legal team re this since June 2023).  When this money is eventually paid to me (my parents appointed their solicitors, who no longer exist, as executors, hence the lengthy delay) am I liable to pay inheritance tax on this additional amount or, since probate was done and dusted many years ago, is it all water under the bridge?  I had absolutely no idea that any money was owing to the estate from 14 years ago as the calculations in relation to the life time mortgage at the time of my mother's death were perfectly correct.  Is anyone able to advise please?  And yes, I do realise that I am in an extremely fortunate position.

Keep_pedalling

You would only have to pay IHT if her estate payed IHT back in 2010 or if this money would have taken your mother’s estate over its IHT exemptions. What was the value of her estate declared for probate?

SouthDownsGirl21

Thanks Keep-pedalling.  Probate says that the gross value does not exceed £325,000 and that the net value does not exceed £225,000.  The estate accounts show that £219,598.35 was carried to the distribution account which was paid to me as the sole beneficiary (I had no siblings).  So presumably another £45k will not take the value of the estate over the £325.000 limit so I don't need to do anything, is that right?

Keep_pedalling

SouthDownsGirl21 said:

Thanks Keep-pedalling.  Probate says that the gross value does not exceed £325,000 and that the net value does not exceed £225,000.  The estate accounts show that £219,598.35 was carried to the distribution account which was paid to me as the sole beneficiary (I had no siblings).  So presumably another £45k will not take the value of the estate over the £325.000 limit so I don't need to do anything, is that right?

That is correct, you would only need to notify HMRC if IHT was due. 

SouthDownsGirl21

Thanks, much appreciated, that's good news.