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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