Calculating assets for probate

cherry76

Pl help me understand these calculations. My understanding you add all the assets you get the gross value minus liabilities you get net. How do you get net qualifying estate value for iht. See example. What is tge net value? This calculations was based of house approx £175,000 savings approx £45,000, gifts £39,000 and liabilities approx £1,500. When I do mine I do not get the same results. Also for possessions and chattels, can one put 0 as they are not worth anything, will need to pay for clearance. Thanks

Gross estate value for IHT	£264,000
Net estate value for IHT	£262,000
Net qualifying estate value for IHT	£40,000
Gross probate value	£177,000
Net probate value	£177,000