Arrange your will in the comfort of your own home,
enter your details and a consultant from Willdrafters
will call you to discuss your requirements.
IHT Calculator for Single People
The purpose of this calculator is ascertain
whether or not you have a potential Inheritance Tax liability, if having entered
your details it appears there may be a liability, then please contact us and
will we be happy to review your situation.
Value of art, antiques, collectibles etc.
Value of life insurance (3)
Total of all outstanding mortgages (4)
Value of Loans owed to you (5)
Business Assets (6)
The value of the business (7)
The proportion of the business owned by you. 55% as 55 (8).
The value of any buildings used by the business but owned by you (9).
Results
Total Value of Estate
IHT Due
*Additional reliefs maybe available, for more information click here
(1) - Main residence and additional homes.
(2) - Stocks, Shares, Deposits, National Savings etc. Includes investment property, whether or not rented out.
(3) - Ignore Life Insurance linked to a mortgage. Other life insurance may actually be outside of your estate and thus not count for Inheritance Tax purposes. If it isn't, we can probably adjust it so that it doesn't count for IHT. We need to see the documents to assess this.
(4) - Only list debts that are NOT covered by Life insurance.
(5) - If you have lent significant sums of money then this debt owed to you is an asset of your estate, and could create a tax liability. If you do not really expect repayment, (especially if it is a family matter), then consider turning the debt into a gift.
(6) - If you expect to sell the business in due course then leave this section blank and put the numbers into the investments section. This will reflect the likely position when the IHT bill arises.
(7) - Total value of business, if not sure, simply what you would sell it for as a going concern. Includes any buildings and plant owned by the company. Dedeuct from this figure any debts (mortgages, overdrafts etc).
(8) Proportional valuations are complex. 51% of a firm is worth more than 2% more than 49%. However for this exercise we assume simple proportionality. Note that the calculator assumes that you own over 50%.
(9) This only applies where the business has actively used most of the building, (ie using one office in a block, or one shop in a row, may not suffice), and you have owned the property for at least two years.
Calculator notes
Assumes Nil Rate Band of 325K
Tax rate is 40%
Valid for tax year 2010/2011
Business Property Relief is very complex. Advice is a must. This calculator assumes the special case that you have control of a limited company (ie more than 50% of shares), or are a sole trader.
IHT should not be considered without taking into account Capital Gains Tax. For example moving a business building from personal to corporate ownership can remove it from your estate, but doing so might trigger a Capital Gains event and thus a tax bill today instead of some time in the distant future.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK
Copyright (c)
2006 Archdale IFA All rights reserved.
About
Us