HMRC has announced the launch of a new online guidance tool to simplify the process for inheritance tax (IHT).
The tool is to support anybody unfamiliar with the IHT process and who may need guidance on whether they need to pay IHT, as well as what forms to complete.
Where the estimated estate value is above the relevant IHT threshold, the tool will direct customers to further information on other reliefs available that could reduce IHT liability, and it will also direct customers to guidance on probate,
HMRC emphasised that the tool is not a calculator and should be used as guidance.
Commenting on the tool’s launch, Canada Life technical manager, Kim Jarvis, said: “IHT is by its very nature a complex area of financial planning, but this tool should prove valuable to those who are unfamiliar with the process and the forms requiring completion.
“Although HMRC has been clear the tool should only be used as guidance, it will helpfully show if the estate will need to pay IHT. The tool is not a calculator and clearly doesn’t replace good financial planning or the role of advice, but it is a welcome development by HMRC.”
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