Treatment of PETs

Where shown ??

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Are PETS included in the probate documents as part of the gross estate as well as the IHT calculations

Is it the same in Scotland ??

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By Truthsayer
08th Feb 2021 13:17

I suggest you say what exact document you mean when you say 'probate documents'. Then someone might be able to answer.

Also, why is it relevant about Scotland? Is this case in Scotland or not? If so, English law is irrelevant and vice versa.

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Replying to Truthsayer:
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By bernard michael
08th Feb 2021 13:27

Truthsayer wrote:

I suggest you say what exact document you mean when you say 'probate documents'. Then someone might be able to answer.

Also, why is it relevant about Scotland? Is this case in Scotland or not? If so, English law is irrelevant and vice versa.

Yes it is a Scottish case.
By probate I meant any document used in Confirmation ( I'm told that's the Scottish equivalent of probate).
Logic says that the PETS would appear in both

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paddle steamer
By DJKL
08th Feb 2021 13:30

"About the estate
Gross value of the estate for
Inheritance Tax
The gross value of the estate for Inheritance Tax
may differ from that for Confirmation.
The gross value for Inheritance Tax is the total of
the following:
• property for which Confirmation is being sought
(with the amount of any secured debt deducted
in the body of the Inventory added back to
the total)
• joint property passing by survivorship
• nominated property
• settled property treated as part of the deceased’s
estate in which the deceased had an interest in
possession (heritable or moveable property held
in a trust in which the deceased had a right
to benefit)
• gifts within seven years of the date of death,
unless otherwise exempt, and
• any asset given away, which the deceased, their
spouse or civil partner kept an interest in. "

See page 14

https://assets.publishing.service.gov.uk/government/uploads/system/uploa...

https://www.gov.uk/government/publications/inheritance-tax-confirmation-c1

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Replying to DJKL:
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By bernard michael
09th Feb 2021 09:14

Thanks - very helpful

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