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meaning Net estate value for IHT: for the estate for inheritance tax on probate

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  • mikeeread
    mikeeread Posts: 14 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    The online calculator is giving the same figure for 
    Gross probate value
    And
    Net probate value

    Yet there are funeral expenses and debts to pay.

    The email we received asking for the figures again says

    "
    • How to work out the net value for probate
      Subtract the value of any debts the person who died owed and the cost of the funeral from the gross estate value for probate.
      Do not include debts that were owed jointly with someone else, for example a mortgage on a joint property. "
    This makes sense but doesn't tally with the calculator outputting identical numbers despite recording the debts.


  • Slowplod
    Slowplod Posts: 22 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    I had exactly the same problem when I used the online IHT calculator to work out the probate values.  I tried it twice and it was giving the same figure for Probate Gross and Net even though there were funeral and debts to be taken off.  I ended up just using their IHT figures but worked out the probate figures manually.
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