HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate to help decide whether any Inheritance Tax (IHT) is likely to be due or not.

The tool does not calculate the potential IHT liability or send any information about the estate to HMRC. It also does not take account of any potential reliefs such as Business Property Relief (BPR) or Agricultural Property Relief (APR).

The tool does deal with:

Once completed, the tool also provides some helpful guidance from HMRC. The guidance includes what to do next with regards to the IHT forms that must be completed and applying for probate.

Useful guides on this topic

Client Briefing: Making gifts & IHT
Making gifts and Inheritance Tax (IHT). This note explains the key rules on making tax-effective gifts for IHT purposes.

IHT: Estate planning checklist
This checklist covers some of the essential planning points that taxpayers should know when planning for their estate and Inheritance Tax (IHT).

Giving your home to your children
What are the tax implications of making a gift of your home to your children?

IHT: Normal Expenditure Out of Income (gifts)
When is Normal Expenditure out of Income exempt for Inheritance Tax (IHT)? How do you claim the exemption?

IHT: Transfers of value
What is a Transfer of value for Inheritance Tax (IHT) purposes?

Deed of variation
What is a deed of variation? When can a deed of variation be used? What are the requirements for a valid deed of variation?

External link

HMRC: Valuing the estate of someone who's died 


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