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We love to get to know our customers, to really understand their situation

Nadiya Virani-Bland

Partner and Head of Wills, Trust and Probate

Insolvency

Inheritance tax calculator

This calculator will calculate the potential inheritance tax (IHT) liability on a person’s estate at death, based on the current tax rate, nil rate band and reliefs. In general, all your assets, including your home and any other property, as well as your savings and investment and any life policies you have not put into trust may be added to together.

Then, to the extent that the total exceeds the nil rate band of £325,000, it is subject to inheritance tax at 40%. Include all the amounts for your assets in the boxes provided, but do not include any assets that will pass to your spouse or civil partner – unless he or she is domiciled outside UK.

Then complete the details for any mortgages, loans or other liabilities you have outstanding. The calculator will tell you the total value of your net assets and your taxable estate, as well as your estimated IHT liability, on the assumption that you died this tax year.

For example, with a property worth £780,000, investments of £550,000 and no liabilities or business assets, the value of the net assets is £1,330,000 of which £1,005,000 is subject to IHT at 40%, making the tax liability £402,000.  

Assets (£)

Property (inc. main residence)
Savings & investments
Life Policies (not in trust)
Business assets
Other Assets

Liabilities (£)

Mortgage
Loans
Other Liabilites
Net Assets Value (£)
Amounts Subject to Inheritance Tax (£)
Estimated Tax Liability (£)

 If you have made any gifts within the last seven years, you may be eligible to pay more inheritance tax, please contact us for more details.

In relation to Business and Agricultural assets, exemptions may apply to reduce your inheritance tax liability. Please contact one of our team to discuss this in more detail.