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Probably I am going off on a bit of a tangent but...

I am confused: what is the Net Value of an Estate?

I would have thought that the Net Value was the total of all Assets of the Estate minus all Liabilities - including Inheritance Tax (IHT). This figure would then be clearly stated on the Probate 'Certificate' in terms of Value of Estate minus listed Liabilities and with the amount of IHT paid to HMRC clearly stated as a Liability.

So for simplicity: the Gross Value of an Estate might be: £1,000,000 and if no 'IHT mitigation strategies' had been implemented, the Probate 'certificate' would show: Gross Value: £1,000,000 minus 40% IHT(£400,000) so the Net Value of the Estate shown on the Probate 'Certificate' would be £600,000.

In even more simplified terms: Is Inheritance Tax Paid out of the Estate shown on the Probate 'Certificate'?
Am I being too optimistic to ask for comments on this...

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