How much is my estate worth for Inheritance Tax?
Your estate is calculated using all your assets (property, possessions and money) owned at death and certain assets given away during the seven years before you died.
The Inheritance tax valuation must accurately reflect what those assets would reasonably fetch in the open market at the date of death.
Any debts, outstanding mortgages or other loans, unpaid bills, funeral expenses can be subtracted from your estate. (If the debts exceed the value of the assets owned by the person who has died, the difference cannot be set against the value of trust property included in the estate.)
If there are any items you are unsure of , you can estimate their value, but don’t guess!
Other Inheritance Tax frequently asked questions:
- Does a Will help my Inheritance Tax Planning?
- How much is my estate worth for Inheritance Tax?
- How soon will Inheritance Tax have to be paid?
- What Inheritance Tax planning exemptions do I have?
- What is a potentially exempt transfer?
- Will all my gifts be effective for UK Inheritance Tax?
- If I am making gifts or gifts into trusts which order should I do them in?
- If I have an existing trust, do I need to do anything about it?
- If I made an outright gift of over the nil rate band, would I pay any immediate inheritance tax?
'Information is given for general guidance only and specific advice should be taken before acting on any solutions detailed. All information is based on our understanding of current legal and tax practices which are subject to change.
'Worldwide Financial Planning Ltd are authorised and regulated by the Financial Services Authority. Worldwide is entered on the FSA register www.fsa.gov.uk/register/ under reference 440668
Registered office; The Old Carriage Works, Moresk Road, Truro, Cornwall, TR1 1DG. Registered in England and Wales No. 3533548. Contact info@wwfp.net or 01872 222 422
© 2007 Worldwide Financial Planning - this site is intended for UK investors only
By clicking on any of the external links within this website you will leave the regulatory site of Worldwide Financial Planning Ltd. Worldwide Financial Planning Ltd are not responsible for the accuracy of the information contained within the linked sites.'