Who can administer the estate?
Exempted estate - The gross estate does not exceed the IHT threshold which is currently £325,000
Exempted and Excepted estate - The collective value of the gross estate is less than £1,000,000 and it is passed either to the deceased’s spouse (living in the UK) or to a charity. Other bodies do qualify but they must be exempt from IHT. After deducting liabilities and these exemptions and the estate is less than £325,000
1. Any specified transfers, of which their chargeable value does not exceed £150,000 See bottom of list for definition of specified transfers
2. If the deceased holds assets within a trust for IHT purposes and this is classed as part of their estate and the total value does not exceed £150,000.
3. If the deceased has foreign assets and the total does not exceed £100,000
4. The deceased did not give away any property while retaining the benefit of it
5. The deceased had elected that the income tax charge should not apply to:
(a) assets he previously owned in which he retained a benefit or
(b) the deceased’s contribution to the purchase price of the assets acquired by another person but in which the deceased retained a benefit
6. The deceased did not benefit from an alternatively secured pension fund
7. The deceased did not benefit under a registered pension scheme where
(a) the benefit was unsecured
(b) they became entitled to the benefit as a relevant dependent of a person who died aged 75 or over.