8.0/10 (17320 reviews)
justanswer.co.uk has been visited by 10K+ users in the past month
Get Professional Answers Online & Save Time. Have Your Questions Answered 24/7. Ask Inheritance Law Questions Online. Verified Lawyers Available 24/7.
Search results
People also ask
How do I calculate inheritance tax in the UK?
How does an inheritance tax calculator work?
How much inheritance tax is payable on your estate?
What is inheritance tax & how does it work?
Do you qualify for inheritance tax?
Who pays inheritance tax UK?
Aug 29, 2023 · This calculator can help you estimate what potential inheritance tax bill your heirs might potentially have to pay. Enter in your assets and any debts, and we'll show you how much your estate is worth - and an estimate of how much could be subject to inheritance tax.
- Inheritance Tax
Use our calculator to estimate how much inheritance tax...
- Inheritance Tax
- Working out your estimate
- Use the online Inheritance Tax checker
- Before you start
- Valuing the assets
- Valuing joint assets
- Working out the value of any gifts
- Debts
- What to do next
You need to estimate the total value of the estate. This includes:
•the value of the things the person owned (their assets) on the day they died
•any gifts they made, such as cash or items of value, in the 7 years before they died
•the value of any trusts where the person had a beneficial interest
At this stage, your estimate only needs to be accurate enough for you to know if the estate owes tax. You’ll need accurate valuations if the estate owes any tax.
You can work out the estimate yourself or you can use the Inheritance Tax checker.
The checker will:
•give you an approximate value of the estate
•help you decide whether any Inheritance Tax is likely to be due or not
The checker does not:
•calculate the amount of Inheritance Tax that’s owed
•tell HMRC about the estate’s final value
You’ll need the following information to estimate the estate’s value:
•details of the person’s assets, including joint assets
Start by listing the person’s assets - the things the person owned with a monetary value.
These may include:
•their home
•any other properties, buildings or land
•money in banks, building societies or ISAs or cash in their home
•stocks and shares
You need to find out what assets the person owned with someone else and how they were owned.
The rules for valuing joint assets, such as property, jewellery or paintings, are different depending on whether they were owned as:
•‘joint tenants’ (known as ‘joint owners’ in Scotland)
•‘tenants in common’ (known as ‘common owners’ in Scotland)
You need to work out the value of any gifts made by the person who died.
Gifts only count towards the value of an estate if they were made in the 7 years before the person died and the total value of the gifts was over the £3,000 annual exemption.
If a person lives for 7 years after making a gift, there’s no Inheritance Tax to pay.
Any gift a person continued to benefit from before they died also counts towards the value of an estate - for example, if they gave away a house but lived in it rent-free (known as a ‘gift with reservation’).
Do not include the estate’s debts when you estimate the gross value. You will however need to tell HM Revenue and Customs (HMRC) about any debts when you report the value of the estate.
Check for records of debts when the person died, for example:
•their mortgage, loans, credit cards or overdrafts
•‘liabilities’ like household bills or bills for goods or services they’d received but not yet paid for (like building work, decorators, accountants)
Check if you need to send full details of the estate’s value.
Overview. Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. There’s normally no Inheritance Tax to pay if either: the value of your estate is below...
- Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. There’s normally no Inheritance Tax to pay if e...
- You can pass a home to your husband, wife or civil partner when you die. There’s no Inheritance Tax to pay if you do this. If you leave the home to...
- Inheritance Tax may have to be paid after your death on some gifts you’ve given. Gifts given less than 7 years before you die may be taxed dependin...
- If your permanent home (‘domicile’) is abroad, Inheritance Tax is only paid on your UK assets, for example property or bank accounts you have in th...
Use this calculator to work out the amount needed to qualify if you’re: preparing your own will. the executor of the deceased’s will or administrator of their estate - if the death was on or ...
Use our UK inheritance tax calculator to estimate inheritance tax on an estate. Input the estate value and beneficiary relationships to get an instant estimate of your inheritance tax liability.
Answer some questions to work out your potential IHT bill with HL's Inheritance Tax Calculator. Tax rules can change & how they affect you will depend on your circumstances.
Use our calculator to estimate how much inheritance tax might be payable on your estate. Calculate. Inheritance tax rates & allowances. Inheritance tax of 40% is paid on what you leave to your heirs. Use our inheritance tax calculator, plus find out inheritance tax rates, and how it works. 30 October 2024.
