Husband - Probate - Ltd Company

2stixoftwixes

Hi

My husband passed away 6 weeks ago.

We had mirror wills, I am the executor - everything is left to me.

All savings / house was in joint names, so technically no probate needed - however

We ran a small online Ltd company between us 50% each

I have to apply for probate to get the 50% shares legally into my name - I've had the accountant value the company - no problem

However, I'm unsure about the inheritance tax forms. ChatGPT states that I don't need IHT 400 as I fall into the

"excepted estate"

But is also mentioning that I need to put the house value down and any gifts that my husband made to our daughter in the last 7 years (though these fall into gifting out of surplus income) Do I need to fill out IHT 403 ?

Can anyone shed any guidance, do I really need to get the house valued for this?

again everything passes to me

Thanks in advance

Keep_pedalling

You would only need to declare them if you have to do an IHT return which you don’t need too do if all gifts were exempt and his entire estate goes to you.

Did he keep good records of both the gifts and his expendature? These may be needed by your executor if HMRC challenge the amount of transferable NRB available. What is the total amount of these gifts over 7 years?

As for valuation you do need to provide the value of his estate for IHT purposes as well as probate valuation on the probate application, but this does not have an exact value. If similar properties near have been sold recently you could use that.

2stixoftwixes

Thank you

Yes, all records were kept - and all gifts (£10,000) are totally under the IHT thresholds anyway.

I am the executor

So you are saying that the value of the house (estimate) needs to go on the probate form, but no IHT forms need to be filled out?

Keep_pedalling

You have to put both the probate and IHT value on the probate forms, but you don’t need to declare individual items.

Probate values for jointly owned assets will be zero for probate and the value of his share for IHT. Sole assets are declared for both.