HM Revenue & Customs has launched an inheritance (IHT) tax tool via the government website.
The online resource can be used by the public to quickly calculate how much IHT liability their estate would be open to. The tool first asks for information about UK property values in a user's estate and whether a property has been left to a direct descent (omitting nephews, nieces and siblings). If so, the tool will require information about direct descendants' assets including savings, home equity and any gifts they had received in the past seven years. The calculation will either estimate no IHT has to be paid or direct users to information about relief options for this tax. ...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
