Inheritance Tax Calculator
Welcome to the Lyfeguard 2022-23 Inheritance Tax Calculator.
Our IHT calculator will help you understand your potential IHT liability. Estimate the value of your estate and how much inheritance tax may be due when you die. Planning effectively can allow you to minimise your inheritance tax liability. With the help of our articles, our experts will offer advice on how to do this.
Please note that our calculator has been updated for 2022-23. Complete the boxes below in the calculator to estimate how much your family could be liable to pay in IHT tax to HMRC when you die.
Please note that this is an estimation of your IHT liability and only shows liabilities for individuals. IHT can be complex and as such, we would advise that you speak to a financial advisor if you have any concerns.
For further insights on what each section means, please hover or tap on the section titles.
Potential inheritance tax bill: £
Net estate value:
Your assets, less debts and charitable donations
Assets above the inheritance tax threshold:
The amount on which you may be charged IHT, before factoring in the new property allowance.
Less main residence nil rate band:
The amount on which you may be charged IHT, after factoring in the property allowance.
Inheritance tax rate:
If you leave more than 10% of your estate to charity, you will be subject to a lower inheritance tax rate.
This calculator shows liabilities for individuals. Assets left to surviving spouses are not subject to inheritance tax, and surviving spouses can inherit their partner's IHT allowance.
This calculator does not factor in the taper on the property allowance, which falls on estates worth more than £2m.
Some investments are not subject to inheritance in some circumstances, such as AIM shares. Speak to a financial adviser for more information.
Apr 09, 2021
It turns out that even in death, we can’t escape taxes. Once you pass, your estate will be taxed before it is split between your beneficiaries...
3 minute read
Inheritance Tax Questions
Click/Tap to toggle the answer
Beneficiaries are people that inherit your estate when you die.
Funds from your estate are used to pay IHT to HMRC and this will be handled by the executor, if you have a will.
Any beneficiarys do not usually pay tax on anything they inherit.
People you leave gifts to may be subject to IHT but only if you give away more than £325,000 and you die within 7 years of the gift being given.
Yes. In fact, if you leave 10% or more of your estate's value to charity, the IHT rate will be reduced to 36% for any amount left above the threshold.
The standard Inheritance Tax rate is 40%. This is only charged on the part of your estate that is above the £325,000 threshold. For example, if an estate is worth £600,000, the amount subject to tax will be £275,000 (£600,000 - £325,000). The amount charged will be £110,000 (40% of £275,000).
An estate is the value of a individuals's property, money and possessions.
Inheritance Tax is a tax on the estate of someone who’s died.