IHT402 Question - Transfer of Nil Rate Band

Shylock

Question 7 asks for the net value of the spouse or civil partners estate passing under their Will or Intestacy.

At the time of my relatives death all their assets (home, bank accounts, savings etc..) were jointly owned with their wife.who took sole ownership of them on his passing. My relative had no other assets in their sole name.

A grant of representation was not obtained.

So should the answer to Q.7 be Zero? Or should I try and evaluate what the value of his share of their joint assets was?

Keep_pedalling

It is not zero, but you only need to provide a reasonable estimate of his share of the joint assets in this situation.

Shylock

https://forums.moneysavingexpert.com/discussion/comment/81971765#Comment_81971765

Thanks. Out of interest why is it relevant? I can't see that the figure is used to calculate anything elsewhere in the forms and schedules?

Keep_pedalling

it’s only relevant because HMRC have chosen to ask the question even though it makes BA difference to the amount of IHT due.