How to prepare the C1 inventory: Scottish land, moveable assets, joint accounts, other jurisdictions, mortgages, C2 continuation sheets and C4(S) corrections.
This guide is part of ProbateHelp's Probate Process guide cluster. Estimated reading time: 14 min.
Also searched as: scottish c1 form; scottish confirmation c1; scottish confirmation c1 form.
No. The C3 notes say to list estate assets even where an institution may release an item under an indemnity or without seeing confirmation. The inventory and the institution's release policy answer different questions.
The C3 notes tell you to show the net heritable value in the inventory column, then add the secured debt back when calculating gross value at box 11 and deduct it at box 13. Follow the worked form notes carefully, especially for a jointly owned property.
The inventory has a heading for estate elsewhere and asks you to name the country. The summary separates estate for UK confirmation from estate elsewhere. Domicile and local property law determine what further grant or process is needed.
Use one of the methods allowed by the C3 notes, normally the quarter-up price between the quoted limits or the permitted bargain-price method. Include accrued entitlements and use the notes for a non-trading day.
Use open-market value. The official notes do not authorise a universal £500, £1,000 or £2,000 household estimate. Obtain suitable evidence for valuable items and make a reasoned estimate where an exact value is unavailable.
An omitted or wrongly described asset may require form C4(S) and an eik to confirmation. The route depends on whether the correction changes the IHT position, so read the current C4(S) instructions before lodging it.