Inheritance Tax (IHT) calculator – lifetime gift tool

This financial planning tool shows how much inheritance tax (IHT) someone will pay when they die based on the information you provide. It also allows you to model a series of lifetime gifts made by your client showing what IHT saving (if any) this has on their estate.

It can be used when advising UK domiciled individuals only.

By using this calculator you have accepted the following:

• Every care has been taken to ensure that the information contained in this tool is correct and in acceptance with our understanding of the law relating to UK Inheritance Tax and HM Revenue & Customs practice as at August 2024.
• You should be satisfied that the information you have entered, and the results of any calculation are correct, before relying and acting on the information given.
• Quilter accepts no responsibility for actions taken or refrained from being taken following use of this financial planning tool.

The information you will need to use this financial planning tool:

• Existing assets and liabilities – the current value of assets comprising your clients’ estate along with any liabilities. You can also enter a presumed value at date of death if this is in the future to account for inflation
• Date, type and amount of gift – details of gifts stating whether they were chargeable lifetime transfers or potentially exempt transfers. The amount is that after any exemptions. You will need the full gifting history for at least the last 14 years
• Date of death – this can be the actual date of death or can be used to demonstrate outcomes based on a fictional date.