This calculator can be used to give you a rough indication of what your IHT Liability might be. Any results should not be interpreted as fact.
Please don’t take any of this as personalised advice. Inheritance Tax rules are unbelievably complex and your individual circumstances impact any liability. If you (or a deceased spouse) have made significant gifts, downsized your residential property or have existing Inheritance Tax Plans in place, your situation will be completely different.
Different allowances/rules apply if your estate is valued at over £2 Million. If this is the case, you will almost certainly have an Inheritance Tax problem.
Personal details
Your assets
Properties
Cash & Investments
Other
Estimate value
Your IHT liability
Are you married or single?
Are you passing down your main residence to direct descendants?
What is the value of your main residence?
£
What is the value of your other properties Holiday homes, rental properties etc
£
What is the value of your main residence?
£
What is the value of your other properties Holiday homes, rental properties etc
£
What is the value of your cash Bank, building society, National Savings etc
£
What is the value of your investments Shares, unit trusts, bonds etc
£
What is the value of your cash Bank, building society, National Savings etc
£
What is the value of your investments Shares, unit trusts, bonds etc
£
What is the value of your life assurance, pension death benefits etc
£
What is the value of your other stuff Car, antiques, jewellery etc
£
What is the value of your life assurance, pension death benefits etc
£
What is the value of your other stuff Car, antiques, jewellery etc
£
Your total estate value
£
Less any debts Mortgages, loans etc
£
Your net estate value
£
Less the Nil Rate Band (IHT allowance - for a single person)
£
Less the Residence Nil Rate Band (available if you are leaving your MAIN residence to DIRECT descendants)
£
Your taxable estate is:
£
Your total estate value
£
Less any debts Mortgages, loans etc
£
Your net estate value
£
Less the Nil Rate Band (2019 IHT allowance x2 - for a married couple)
£
Less the Residence Nil Rate Band x2 (available if you are leaving your MAIN residence to DIRECT descendants)
£
Your taxable estate is
£
Your IHT Liability
£
Your IHT Liability
£
Coronavirus (COVID-19) Update
We’ve recently updated our Covid-19 policy now that things are starting to move towards our new normal.
The staff are still working on a rota system as we’ve found that having a few days at home can be beneficial for most people in the team, it also continues to keep numbers down in our open plan office. We’ve also found it has no detrimental effect on our levels of work or the service provided to our clients.
Our priority remains the safety of our staff and clients.
We are still offering clients remote appointments using video conferencing as we understand that for some people this is still the preferred option. For people wanting to come into the office we sanitise the offices after each use and ask that you use the hand sanitisers provided as you come into reception. Masks are optional and your own preference.
We obviously ask that if you have any symptoms that you rearrange your appointment even if it’s last minute as we’d much prefer that then an outbreak in the office.
As always, if you’re not already a client of PenLife and would like to learn more about how we can help you, we’d love to hear from you. Please call 01904 661140 or email office@pen-life.co.uk.