#InheritanceTax; #IHT205; #GrantofProbate; #Probate
Excepted Estates - When don’t I have to fill in Inheritance Tax Forms or apply for Probate? When someone dies, some estates are described as Excepted Estates. This means that you may not need to apply for Probate or complete inheritance tax forms. What’s an Excepted Estate? An excepted estate is one where you don’t need to report to HMRC and the Probate Registry about how much someone’s estate was worth after they died. If you don’t need probate, then you don’t need to complete IHT forms and you are likely to be an excepted estate. We have another [...]
What is IHT205? Read our quick guide.
Losing someone close is difficult. But on top of grieving, there are legal issues to deal with. One of those legal requirements is the IHT205. What Is An IHT205 Form? An IHT205 is a form that must be sent to the probate registry when there is no inheritance tax to pay on an estate. There's no Inheritance Tax to pay if the estate is worth less than £325,000 for an individual, or below £1,000,000 if the estate was left to a spouse, civil partner, or charity. This rule applies if the person passed away after 6th April 2011 and had [...]