inheritance tax question

inheritance tax question

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Would any on know where I could access an inheritance tax calculator to include clawback of gifts made in previous 7 years etc?

Your help would be greatly appreciated

Replies (4)

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By HeavyMetalMike
28th Feb 2014 12:35

a + b + c + gifts - 325K = x.

If person = married iht = 0.

if person is a widow then iht = x - 325K x 40%

 

Ta Da?

 

I don;t know why I did all my exams when the above was the answer all along.............

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By frankie3
28th Feb 2014 12:46

I was looking for a calculator that allowed for PETs, grossing up and exempt transfers etc.

Thanks

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Replying to Duggimon:
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By HeavyMetalMike
28th Feb 2014 12:50

Forgive my flippancy.

You won't get that info on a calculator as there are too many permutations and options.

Best way to learn is practiced examples. Textbooks?

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By johngroganjga
28th Feb 2014 12:57

You have to study the rules and then do your own calculations.

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