Probate application Questions 7.3 and 7.5 - confused!

DaveSmith2020

Question 7.3 asks for the gross value, net value and net qualifying value of the estate for inheritance tax. I've completed that, no problems having used the online IHT checker tool. But Question 7.5 seems to ask a similar question, and I am not sure what the difference is. It asks for the gross and net value for probate.

Can someone clarify this for me please, since I am not sure what to put in there.

Keep_pedalling

Probate valuations only include heritable estate, so do not include things like joint accounts, property held as joint tenants and failed PETs . All these are however included in IHT valuations.

DaveSmith2020

I am the sole beneficiary in the Will. The entire estate is left to me. So, does that mean the gross and net value figures for probate are the same as the gross and net value figures for inheritance tax?

RAS

Did you own any joint assets with the deceased?

Did the deceased make any gifts in the last 7 years?

DaveSmith2020

No joint assets.

The deceased made gifts of £3,000 each year in the last 5 years. These are obviously within the allowance so not sure if I should exclude these.

DaveSmith2020

Ok, I have worked out that in my case, the gross and net values for probate are the same as the gross and net values for IHT.

Just a short thank you to all on this forum who first recommended I do probate myself, and secondly help with some tricky bits. Originally, I was going to get a solicitor. Thankfully, I have saved myself over £10,000 by doing it myself, and it wasn't that difficult at all!

RAS

One of the less onerous ways to save £10k+. Glad it worked for you.