Passing on your wealth

Inheritance Tax calculator

This tool will allow you to review a simple set of scenarios to show you how your tax bill is affected but there are a lot of strategies you can put in place to maximise what you leave to your family, for instance through gifts. Speak to one of our Financial Planners to review your personal circumstances and how they affect your tax liability.

Your Estate

£
Bank, Building Society Accounts, National Savings and Cash ISAs £
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You may exclude the value of your pensions when calculating your investments as these are not usually held within your estate for inheritance tax purposes.

However, there are some types of pensions that are subject to Inheritance Tax (for example, Retirement Annuity Contracts). Please contact one of our Financial Planners should you need any advice you need with your succession planning and developing a strategy to minimise exposure to Inheritance Tax.

£
Other assets - including art, jewellery, cars, boats, valuables £
£
Loans payable to you e.g. Directors Loan/ Loan Trusts £
£

Your Liabilities

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£
£

Additional information about you

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The calculation here will take any gifts you have made in the last 7 years into account on your estate. This tool will not calculate the inheritance tax on the gift itself, but your Nil Rate Band may be reduced by gifts made in the last 7 years.

There are a number of different types of gifts, some of which will always be tax free and gifts that might be tax free. Speak to a Financial Planner to reassess your current status in this area to evaluate whether part or whole of the value of your gifts will be added to your estate and so counted towards your inheritance tax bill.

£
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The nil-rate band is the value of an estate that is not subject to Inheritance Tax in the UK. Chargeable lifetime transfers and the chargeable estate on death above this amount are liable for IHT per individual.

For a single person, this threshold is £325,000.

There is, however, an exception in the case of married couples and members of a civil partnership. it is possible for the unused proportion of the NRB of the spouse or civil partner to be transferred to their survivor. This means that any part of the NRB that is not used when the spouse or civil partner dies can be transferred to the surviving spouse or civil partner for use on their later death. This value is a percentage of a maximum value of £325,000. If you are married or in a civil partnership and expect all of your assets to pass to your spouse you should assume that 100% of the available nil rate band will be inherited by them.

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A charitable donation will be taken off the value of your estate before Inheritance Tax is calculated. If you leave 10% or more to charity, then your Inheritance Tax rate is reduced from 40% to 36%.

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Summary

Your total net estate, excluding joint assets £
When you die, you will have to pay Inheritance Tax of £
Your chosen charities will receive £
Anyone else will receive their share of the balance, being 36% as charitable donation is less than 10% £
In total, you and your partner will pay inheritance tax equating to


Please talk to one of our Financial Planners to see how you may potentially mitigate the inheritance tax liability of your dependents.

Disclaimer

A new additional allowance, known as the Main Residence Nil Rate Band, will take effect at £100,000 per person for the 2017/2018 tax year. This additional nil rate band can be applied against the value your home if it is being left to a direct descendent. This is available for estates valued up to £2,000,000, and decreases by £2 for every £1 an estate exceeds that threshold. This allowance is not included in the above tool and will be launched when the allowance takes effect in April. If you would like to understand more about this allowance and how it will interact with your estate, please contact one of our Financial Planners.

Please note that this page was prepared as a general guide only and does not constitute tax or legal advice. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change. Tax treatment depends on your individual circumstances; therefore you should not rely on this information without seeking professional advice from a qualified tax adviser.

No investment is suitable in all cases and if you have any doubts as to an investment's suitability then you should contact us.

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