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 any property held in trust that is 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?