Your heirs might potentially have to pay inheritance tax after your death depending on the value of your estate. It is a confusing subject so we have put together a calculator, to provide you with an estimate of whether you could be liable or not and to give a rough estimate of how much. For further details or guidance, get in touch with us today to see how we can help.
If married or in a civil partnership, assets left to the surviving partner after the first death are generally exempt from IHT. Their unused allowance is then added to the surviving partners allowance upon second death.
Therefore, if wanting to calculate your IHT liability as a couple for when you have both passed away, please combine and enter the total for both of you for each question
This calculation will be based on the assumption that all assets were left to the surviving partner and the deceased partner did not use any of their nil band rate allowance.
Amount of IHT to pay
As your estate is worth over £2million, there are different rules that will apply and the calculation will become more complex. Therefore, we recommend getting expert advice, so please contact us today to speak to one of our tax advisors.
This figure is only a rough estimate. Please always seek guidance from an advisor. Should you need any help with IHT, please do get in touch with us today.
This calculator is only to be used to gain an estimate. The information shouldn't be construed as legal or tax advice. Tax benefits may vary as a result of statutory change and their value will depend on individual circumstances. An advisor should always be consulted. All figures correct as of July 2022.