Large Estate - DIY Probate

pcgtron

Hi all.

I've now had the letter from HMRC agreeing the IHT amount, and am waiting for the money to be transfered to them from an investment account so I can get the probate code sent to me.

Whilst I wait for that, I have one question about the probate form that I'm about to complete.

I am slightly confused to what I am supposed to put on the Value of the Estate (Both Gross and Net) for probatem, and why this would be any different to the value on the IHT forms. I have all the IHT figures listed from HMRC on the letter from them. Why would the probate value both gross and net be different in this case.

There are no joint assets of any kind, all assets are in the sole name of the deceased. Any help or guidance appreciated

Keep_pedalling

The valuation for probate does not include anything non heritable estate, such as a share of a house held as joint tenants, a beneficial share of a trust, joint bank accounts. It also does not include gifts made in the prior 7 years.

probate_slave

Having submitted IHT400 you will only be asked to copy the gross and net figures which HMRC will send with the probate code. If you are looking at PA1P you can see that the questions on differing estate values for IHT and probate are conditional: they won't even appear on your probate application if you submit online (which is recommended, by the way, for being several weeks quicker on average).