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Value of estate for probate
WobblyDoggy
Posts: 3 Newbie
Applying for probate and the checker tool says there is no inheritance tax to pay. The value of the estate is £580000 and I will use the full proportion of the inheritance tax nil rate band of the pre deceased spouse. So, my question is, what is the gross value of the estate for probate? Is it £580000 or is it £580000 minus the £325000.
Everything from my Father was passed to my Mother and she is passing everything equally to her three children. Thank you
Everything from my Father was passed to my Mother and she is passing everything equally to her three children. Thank you
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Comments
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my understanding is that it would be £580k, but stand to be corrected....
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Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.No reliance should be placed on the above! Absolutely none, do you hear?0
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Your understanding is correct..p00hsticks said:my understanding is that it would be £580k, but stand to be corrected....
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Yes, house is an average valuation of £500k between 3 estate agentsGDB2222 said:Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.0 -
Is there any reason not to take the top valuation?WobblyDoggy said:
Yes, house is an average valuation of £500k between 3 estate agentsGDB2222 said:Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.
No reliance should be placed on the above! Absolutely none, do you hear?1 -
No reason not to take the top evaluation so I'll put that in to save any comeback. Thanks for your inputGDB2222 said:
Is there any reason not to take the top valuation?WobblyDoggy said:
Yes, house is an average valuation of £500k between 3 estate agentsGDB2222 said:Is there a house in amongst the £580k? Valuers often assume you want a low value, but this can then generate a tax charge when you come to sell. I assume you could have a somewhat higher value without creating an IHT charge.0
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