I have received a probate document for a distant relative ,but I am stumped or rather confused , on the bottom of the document it states that the estate does not exceed the value of a certain amount this is where I am confused ,does this mean it could be the amount from £1 to the amount on the document,I have never understood about this.Any help would be brilliant
Thank you
Assuming we are talking 18th/19th century then there were different death duty rates for different estate values. So the person valuing the estate would (usually a professional auctioneer/valuer) would declare that a value was not more than one of the trigger levels. By inference it would be more than the next lower trigger level.
Anything less than £20 carried no duty. From £20 there was a duty of 5 shillings. Because of admin difficulties apparently, according to National Archives, very little duty was actually collected unless the value exceeded £1500
Dave
Thank you for your reply Dave
I didn't explain that the probate document is for the early 1990s would this make a difference to the wording you have kindly sent me as it is a later date?
Regards
The principle should be the same but the trigger value would presumably be the estate value exempt from Inheritance tax at the time
Dave
Edit in 1995 the tax free allowance for inheritance tax was £154000. You can find any other year by googling