Taper relief IHT

castle96

There cannot be a disgreement... Try the calc.    First with £0 gifts in last 7, then £326 in last 7 yrd. In both cases put a figure in excess of £325 as current value of estate

Jeremy535897

The calculator does not calculate tax. Taper relief, if available, affects the rate of tax, not the quantum of the gift or the estate.

castle96

It DOES calc tax, wrongly, as NO TR

[Deleted User]

castle96 said:

There cannot be a disgreement... Try the calc.    First with £0 gifts in last 7, then £326 in last 7 yrd. In both cases put a figure in excess of £325 as current value of estate

My final post on this. In both your examples the GROSS value of the estate is £326000. Gross is important - before all reliefs. 

The wizard (not a calculator) uses the inputted information to prompt next action which, in both cases, is to prepare an estate return. It calculates nothing. 

[Deleted User]

castle96 said:

It DOES calc tax, wrongly, as NO TR

What tax does it say is due - in either example?

You really are not getting this - the wizard calculated the gross value of the estate, NOT tax due. In both examples it is £326000.

Albermarle

The Martin Lewis show has a lot of points to cram into limited time. There are often many mistakes in what he says, but he gets the general point across. A subject like this would probably be unsuitable/too complicated.

castle96

Oh for God's sake. £326 is the value of the gfts in last 7 yrs ! Put any figure you like in the other entries (> £325).

"It DOES calc tax, wrongly, as NO TR". It shows what the TAXABLE amount is (to put it correctly)

[Deleted User]

The opening page. No MENTION of tax That’s me done!

castle96

"Value of Estate equates as taxable amount, before any exemptions" Where are the exemptions then? ie TR. No explanation. No examples. Hence this conversation. If you want information you should be able to go to a reliabe source (Gov.uk ????????????????????!!!!!!!!!!!) It's not

Keep_pedalling

Taper relief is not an exemption.

I am sure the executors for the 0.001% of estates that TR applies too should not have too much trouble working it out.