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Probate and IHT205 application query


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Hi all

 

My mother died in September and I've been putting off applying for a probate grant but I've made an attempt at completing application for probate form, (PA1) https://www.gov.uk/government/publications/apply-for-probate-form-pa1

and Inheritance Tax IHT205(2011) https://www.gov.uk/government/publications/inheritance-tax-return-of-estate-information-iht205-2011.

 

I've read HMRC guidance notes but I think I'm missing something when completing the online version IHT205 because it flags up that my mother's estate could be liable for Inheritance Tax.

 

I've carefully assessed Mum's assets and liabilities and assumed that once these were entered online it would automatically make the deductions but it doesn't appear to do this.

 

My mother and father took out an equity release mortgage which amounts to £175,000,

the property has been valued for probate at £375,000 so I would assume that the mortgage and any other liabilities should be deducted from the property value and other assets.

 

Does anyone know what I'm doing wrong?

Should I deduct the liabilities from the assets myself before adding them to the online application?

If not, I'll give HMRC Helpline a ring in the morning.

Thanks for reading,

hope this makes sense.

Edited by dx100uk
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A couple of questions:

 

  • Is your father still alive ?
  • Was the house held in joint names as tenants in common or as joint tenants ?

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There is a very good chance that your father's inheritance tax allowance can be transfered to your mother's estate. But before this can happen, you would need to know what the father's will stated, especially with regard to the property. The rules can be complex and confusing, so you need some expert advice. The HMRC help line should be able to answer most of your questions, but may well ask some of their own.

 

Whilst some of us have been through the process of filling out forms for probate, each case is individual so the advice we can offer is limited. It may prove prudent to pull all the information that you can together and pay a visit to a solicitor. If it costs a few hundred pounds now, the advice could save several thousands on inheritance tax and late filing fines.

PLEASE HELP US TO KEEP THIS SITE RUNNING

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The helpline are great, although you may have a bit of a wait if they're busy. As you say, try that first and speak to your lawyer if it's too complicated.

 

It's well worth looking into your father's nil rate band as MrP says, could solve some problems for you.

 

HB

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