We have included some links to some inheritance tax calculators below but would like to help you understand there is an intrinsic problem with almost every online inheritance tax calculator.
They work fine and will show you what your probable current inheritance tax liability is likely to be if you enter reasonably correct figures.
If you have been previously widowed then remarried they do not work out that in fact with some good planning you could get 3 allowances of £325,000 instead of two.
However, the most significant problem is that they show you your current liability and not the expected liability when you die or the second spouse dies if you are married or in a civil partnership.
To calculate your future liability you need some very good specifically designed software which calculates your expected dates of death (OK we know its only a best statistical guess) and then allows for increased or decreased spending as well as different projected growth rates on different assets. You also need to factor in inflation and the expected changes in the inheritance tax allowances.
Obviously, as Inheritance tax specialist advisers we have this specialist inheritance tax calculator which we use to help clients and prospective clients get a much better idea of their actual probable liability. From this point of true calculation, it’s better to determine the most suitable strategies to resolve the inheritance tax problem.
Rule of thumb if you do not have access to this software. Once you have calculated your liability ( if most of your money is in your home ) double it every 10 years to give yourself a better idea.
However its definitely much better to call us for help
For what they are worth here are links to a few:
A simpler one from Which
The best one by far at least makes some attempt to calculate the growth in your potential liability over time is below but does not account for changes in income and expenditure – But presuming there is no major change then it is a better attempt at determining the true scale of the problem