Have you ever tried to estimate how much Inheritance Tax (IHT) may be due on your estate? You may wish to use this ‘ready-reckoner’ to calculate how much IHT might be due – the result may surprise you.
This is provided as a quick guide only – it does not include other reliefs and exemptions that may be applicable. It is also important to note that any gifts made in the past seven years, or entitlements you may have in existing trusts** are not included in this calculation. These may further increase your liability to IHT.
For married couples/civil partnerships, any liability to IHT may not arise until the second death, depending upon the provisions of Wills. To quickly generate an outline assessment of IHT liability, simply insert your best estimate of the value of your assets into each of the boxes below.