*Assumptions
1. Main residence is left to direct descendants so the residence nil rate band (RNRB) has been applied. However, the available RNRB has been reduced by £1 for every £2 by which the deceased’s net estate exceeds the taper threshold.
2. Calculations for couples assume that all assets are either left to survivor on first death, or are owned by the couple as joint tenants, so form part of survivor’s estate on second death.
3. IHT liability for couples assumes all properties are owned as joint tenants for RNRB purposes.
4. No account is taken of any additional nil rate bands that may be available (e.g. as a result of being previously widowed).
5. No account is taken of reduced rates of inheritance tax (e.g. where some or all of estate may be left to charities, for national purposes etc).
6. Any lifetime gifts that may have been made that reduce the available nil rate band are not taken into account.
7. Calculations for couples assume they are married/ civil partners and that both are UK domiciles.
8. The value of any pension funds and other death benefits payable on death do not form part of the estate(s).
This calculator is designed to indicate whether there may be a potential inheritance tax liability in the event of death. It is not intended to provide an accurate IHT liability, more an indication and professional advice should be sought where necessary.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
This calculator does not take into account the possible use of any exemptions that may be utilised in the future.