SJP Inheritance Tax (IHT) Calculator
It may come as a shock to discover that a large proportion of your wealth might be subject to Inheritance Tax (IHT) when you die.
This includes all of your assets such as the family home, investments, life assurance plans not in Trust and even old family heirlooms. UK Inheritance Tax is one of the most complex and misunderstood areas of taxation. Without careful planning, your children may be liable to pay up to 40% tax on what they inherit from you.
Discover four ways to reduce Inheritance Tax here.
You might like to use this calculator to estimate how much IHT could be due on your estate. The result may surprise you.
For a quick assessment of IHT liability, insert the best estimate of the value of your assets into each of the boxes below.
*This applies only to individuals domiciled in the UK, who are currently residing in Asia.
This calculator is a quick guide and is designed to indicate whether there may be a potential inheritance tax liability in the event of death. It is not intended to provide an accurate IHT liability, more of an indication and professional advice should be sought where necessary. It also does not include other reliefs and exemptions that might apply. It’s important to note that any gifts made in the past seven years, or entitlements you may have in existing trusts**, are not included. These could increase the amount of IHT payable.
If you’re married or in a civil partnership, IHT liability might not kick in until the second death, depending on the provisions of your Will.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.
This calculator does not take into account the possible use of any exemptions that may be utilised in the future.
Advice relating to trusts involves the referral to a service that is separate and distinct to those offered by St. James’s Place.
**Trusts are not regulated by the Financial Conduct Authority.