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Another Gross Value for IHT vs Probate Question...
JLRetired
Posts: 37
Forumite
Despite reading many of the current threads on this topic I am still unsure of the specifics that relate to my situation. My late mother owned a half share, with my father, in her home and also in a piece of land, both as tenants in common. Her other assets included cash and investments in her own name as well as the usual personal items etc. She gifted some money to my sister in 2023. These elements all form part of her gross estate for IHT and I used the IHT Calculator to obtain this value.
No IHT is due. My mother bequeathed her half share in the piece of land to my sister and made a number of cash bequests to children, grandchildren and godchildren. The rest of the estate goes to my father.
Am I correct in thinking that the Gross Estate Value for Probate is equal to the Gross Estate Value for IHT minus the money gifted to my sister in 2023?
Thank you.
No IHT is due. My mother bequeathed her half share in the piece of land to my sister and made a number of cash bequests to children, grandchildren and godchildren. The rest of the estate goes to my father.
Am I correct in thinking that the Gross Estate Value for Probate is equal to the Gross Estate Value for IHT minus the money gifted to my sister in 2023?
Thank you.
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