This calculator helps you estimate the inheritance tax your estate might owe. It's designed for individuals managing personal finance and estate planning.
All calculations are based on the current UK inheritance tax law. Visit the UK Government site for more details. All calculations are rigorously based on the formulas and data provided by this source.
The tax is calculated using: \[ \text{Tax Due} = \text{Estate Value} \times \left(\frac{\text{Tax Rate}}{100}\right) \]
Suppose an estate is valued at $500,000 with a tax rate of 40%. The tax due would be calculated as follows: \[ \text{Tax Due} = 500,000 \times \frac{40}{100} = 200,000 \]
Inheritance tax is a tax on the estate of someone who has died, including all property, possessions, and money.
The tax is calculated based on the total value of the estate and the applicable tax rate.
Yes, through various legal means such as gifts and trusts, you can reduce your tax liability.
The threshold is the amount up to which no inheritance tax is payable. This amount can vary over time and by jurisdiction.