HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate to help decide whether any Inheritance Tax (IHT) is likely to be due or not.

The tool does not calculate the potential IHT liability or send any information about the estate to HMRC. It also does not take account of any potential reliefs such as Business Property Relief or Agricultural Property Relief but does give very useful guidance and information.

The tool can be found at;

https://www.gov.uk/valuing-estate-of-someone-who-died/estimate-estate-value