The Lemon Fool

Having filled in the IHT forms (*) and submitted to HMRC they acknowledged the forms are ok and passed the matter onto Probate. HMRC seem to have only submitted the IHT421 to the probate registry.

A few weeks later, we received an email from the Probate registry asking for

1. Gross Value of the IHT estate
2. Net value of the IHT estate
3. Net Qualifying value of the IHT estate
4. Gross value of the estate for probate
5. Net value of the estate for probate

I don't understand the subtle difference between say (1) and (4) and (2) and (5) and don't understand what (3) means?

Having submitted all the IHT forms, why does the probabte office come back asking for more - surely they can get the "answers" from the IHT forms?




(* IHT400,402,404,406,407,409,419,435,436,421)

monabri wrote:Having filled in the IHT forms (*) and submitted to HMRC they acknowledged the forms are ok and passed the matter onto Probate. HMRC seem to have only submitted the IHT421 to the probate registry.

A few weeks later, we received an email from the Probate registry asking for

1. Gross Value of the IHT estate
2. Net value of the IHT estate
3. Net Qualifying value of the IHT estate
4. Gross value of the estate for probate
5. Net value of the estate for probate

I don't understand the subtle difference between say (1) and (4) and (2) and (5) and don't understand what (3) means?

Having submitted all the IHT forms, why does the probabte office come back asking for more - surely they can get the "answers" from the IHT forms?

(* IHT400,402,404,406,407,409,419,435,436,421)

Hi Monabri,
In my case,
1. Diff between 1 and 4 was that I had to subtract gifts in the last 7 years and jointly held assets from the IHT gross value to get the Probate gross value

2. From the Gross values in either case (IHT and Probate) you have to subtract the debts owed by the estate to get the net values.

3. To get the Net Qualifying Value for IHT subtract any assets left to spouses, civil partners, or charities from the Net IHT value.

HTH
MayLix