This calculator is designed to help people find out whether
or not they may have an IHT problem.
Calculator notes
Nil Rate Band of 250K.
Tax rate of 40%.
Valid for year 2002/3
(1) - Main residence
and additional homes.
(2) - Stocks, Shares,
Deposits, National Savings etc. Includes investment property,
whether or not rented out.
(3) - Ignore Life
Insurance linked to a mortgage. Other life insurance may
actually be outside of your estate and thus not count
for Inheritance Tax purposes. If it isn't, we can probably
adjust it so that it doesn't count for IHT. We need to
see the documents to assess this.
(4) - If you have
lent significant sums of money then this debt owed to
you is an asset of your estate, and could create a tax
liability. If you do not really expect repayment, (especially
if it is a family matter), then consider turning the debt
into a gift so that the money is removed from your estate.
(5) - This calculator
IGNORES Business Property Relief. It takes the view that
you will have sold the business, (or passed it to children),and
retired long before any IHT liability arises. Therefore
in this section put in the value that you expect to retain
to ease your retirement. E.G. you have a business worth
£500,000 but expect to pass it to your children as a £200,000
sale and £300,000 gift. Put £200,000 in the box.
