| |
This resource page provides a selection of easy-to-use calculators. Enter your figures to plan your finances and make better-informed financial decisions. Updated for 2009/2010 Budget.
Simply select a Calculator from the drop-down menu above. |
| |
| |
| Inheritance tax calculator |
Although a morbid subject, adequate tax planning prior to your death can greatly reduce the resultant Inheritance Tax (IHT) burden. This calculator will assesses the likely IHT liability arising on an estate at death, based upon the current IHT rate, nil rate band and reliefs available. Generally, all assets, including your home, any other property, savings, investments and life policies not held within trusts will attract IHT at 40% to the extent that the total exceeds the nil rate band of £312,000. Complete the asset fields provided below, but do not include the value of any assets you intend to pass to your spouse or civil partner - unless he or she is domiciled outside the UK.
To complete the calculation, provide details of any mortgages, loans or other liabilities you have outstanding. Include any gifts that you have made during the last seven years unless covered by IHT exemptions such as regular gifts from income. The calculator will produce the total value of your net assets and your taxable death estate, as well as your estimated IHT liability, based upon the pessimistic assumption your death resulted in this tax year. |