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) came into effect from 6 April 2017.
For 2018/19 – each individual has additional £125,000 IHT relief towards their property (up to value of property if under £125,000; or £125,000 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 £250,000 for 2018/19
Gifts made within the last seven years are not included in the calculations but may be liable to IHT on a sliding scale.
Since April 2012 the rate of inheritance tax will be cut to 36% (from 40%) for estates leaving 10% or more to charity.