Inheritance Tax Calculation - Hot Topics Q&A

Q. What steps do I need to take to find out my Inheritance Tax liability?

A. What you need to do is:

- work out your estate value, which will include any proceeds from life assurance policies that are not written under trust. 
- deduct any debts
- take the resulting figure and deduct £285,000 (the  lifetime allowance) and £6,000 (2 years annual allowances if not used)
- multiply the remaining sum by 40% which will be your IHT liability

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