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 Resource Centre

Inheritance Tax Calculator

This calculator is only intended to provide a guide and advice should be sought before making any financial decisions.

This calculator works out your inheritance tax (IHT) liability. It may also show you the importance of financial planning such as making a will.

Residence Nil Rate Band (RNRB) comes into effect from 6 April 2017.
For 2017/18 – each individual has additional £100,000 IHT relief towards their property (up to value of property if under £100,000; or £100,000 if property value greater).
If Estate worth greater than £2M, RNRB will reduce by £1, for every £2 over.
Highlight RNRB applicable only if property left to direct descendent.
Married couples have combined RNRB of £200,000 for 2017/18

Your Estate

 

e.g. Your bank, building society accounts

e.g. Shares, funds, Premium Bonds

e.g. Cars, holiday home, boat

e.g. Your term assurance payout
Are you married?:

You Still Owe

 

e.g. bills, hire purchase, funeral expenses

Results

Your total assets (£):
Your liabilities (£):
Your estate is worth (£):
Allowance - Nil-rate Band (£):
Allowance - Residence Nil-rate Band (£):
Your Chargeable Estate (£):
Your inheritance tax bill (£):

*Assumptions
Gifts made within the last seven years are not included in the calculations but may be liable to IHT on a sliding scale.

Note
Since April 2012 the rate of inheritance tax will be cut to 36% (from 40%) for estates leaving 10% or more to charity.

 Calculators

Ward Williams has a number of financial calculators which may be of interest to you.