news - calculators - inheritance tax

 

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.

   
For example, assuming a property valued at £900,000, investments of £750,000 and no liabilities or business assets, the net assets amounts to £1,650,000 of which £1,338,000 is subject to IHT at 40%, resulting in an IHT liability of £535,200.  
   
Assets (£)
 
Property
Savings & investments
Life Policies (not in trust)
Other Assets
Business assets
 
Liabilities (£)
 
Mortgage
Loans
Other Liabilites
   
 
 
   
Net Assets Value (£)
Amounts Subject to Inheritance Tax (£)
Estimated Tax Liability (£)
 
Please bear in mind that these calculators are for illustrative investment return purposes only. They cannot be relied upon for final guaranteed return figures.
     
Back to top
 
 
Condies Health - www.condieshealth.co.uk Condies Wealth Management - www.condieswm.co.uk Condies IT - www.condiesit.co.uk Condies Strategy - www.condiesstrategy.co.uk