Probate application - gross/net values clarification

sm82

Can I just clarify a point? When calculating the gross and net probate values as per

How to work out the gross value for probate

Work out the gross value of the estate for Inheritance Tax and then subtract the value of all of the following:


- assets that were owned with someone else (‘joint assets’) and that are being passed to the surviving owner

- gifts that were made in the 7 years before they died


- assets that were owned abroad (for example, overseas property or money in foreign bank accounts)


- assets held in a trust

How to work out the net value for probate

Subtract the value of any debts the person who died owed and the cost of the funeral from the gross value for probate. Do not include debts that were owed jointly with someone else, for example a mortgage on a joint property.

Its the line "that are being passed to the surviving owner" line that i wish to clarify

• This is just joint assets that i need to remove from the gross IHT estate value (no sole ones need to be included?). I've done some totting up and the gross probate value comes in at ~ the "sole" assets held - which should be about correct for an exempt estate? (i.e. the sole assets are being transferred to the surviving spouse?)