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.
1. Are you married or single?
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2. Are you passing down your main residence to direct descendants?
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Your Assets and Liabilities
What is the value of your main residence?
£
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 other properties - holiday homes, rental properties 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 IHT Liability
£
Your Assets and Liabilities
What is the value of your main residence?
£
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 other properties - holiday homes, rental properties 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 (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
£
Overview
Coronavirus (COVID-19) update
We’re living in unprecedented times. So, in line with government advice, we have closed our office with the entire team working remotely for the foreseeable future.
That said, it’s business as usual.
Our team are all set up to work remotely and can deal with calls, emails and video conferencing exactly as we would in the office. So, existing clients will see no tangible difference in the service you receive from us.
Indeed, in these turbulent times, we understand that you might need our services more than ever. Ensuring you’re well-positioned for when the pandemic subsides are all hugely important. If you’d like to chat about how we can help, please get in touch.
As always, if you’re not already a client of PenLife and would like to learn more about how can help you, we’d love to hear from you. Please call 01904 661140 or email office@pen-life.co.uk.
City of York Council have sponsored an online directory of all the York businesses which are still operating at www.yorkmix.com/yorkbiz.
