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Where Taxpayers and Advisers Meet

iht 402 form querie

piper777
Posts:42
Joined:Mon Jan 28, 2013 4:53 pm
iht 402 form querie

Postby piper777 » Wed May 04, 2022 6:46 pm

Hi there

i am seeking some advice please.

i am trying to fill in IHT 402 . My father has recently passed , my mother passed 5 years ago and left all to him. i am trying to claim transfer of mothers unused nil rate band. Inbox 7 it asks for "what was the net value of the spouse estate. In the notes it says the figure can be obtained from the probate grant. However on looking at the grant for my mothers estate the figure on the grant is only the amount of her assets / savings and does not take into account her half share of the house passed on to my father. (presumably because a grant was not needed for this as automatically transferred over to dad) . My question is what figure should i be putting in box 7 the figure on probate grant or the figure that was all her estate including value of half house ??

many thanks for any help

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: iht 402 form querie

Postby maths » Wed May 04, 2022 7:48 pm

IHT 402 Q7 askes:

"7 What was the net value of the spouse or civil partner’s estate passing under their will or intestacy?"

The half share of the house does not pass under the deceased's will and therefore should not be included.

piper777
Posts:42
Joined:Mon Jan 28, 2013 4:53 pm

Re: iht 402 form querie

Postby piper777 » Wed May 04, 2022 9:21 pm

thank you Maths for your reply.

I do not understand though ! why does the half share not pass under the deceased Will? My mothers half share of house was left to my dad on her passing ??

could i ask you to explain your reasoning if you would be so kind

many thanks

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: iht 402 form querie

Postby AGoodman » Thu May 05, 2022 10:17 am

Presumably they will have owned the house as joint tenants (by far the most common).

If one joint tenant dies, the whole of the property automatically passes to the surviving joint tenant or tenants under property law.

The asset never passes into the estate and cannot, for example, be passed to a 3rd person by leaving it to them by will.

piper777
Posts:42
Joined:Mon Jan 28, 2013 4:53 pm

Re: iht 402 form querie

Postby piper777 » Thu May 05, 2022 3:28 pm

oh ---- now i understand thank you Goodman ! --and Maths !


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