Calculation of Inheritance Tax Liability assumes that the beneficiaries numbered have not received any gifts or inheritances under the respective thresholds in the period from 5th December 1991 up to and including the date of the inheritance.
Calculation does not apply to spouses where a spouse exemption to inheritance exists.
The Group Thresholds applicable in calculations are correct for the 2017 calendar year and may increase/decrease in the future subject to changes in the Consumer Price Index.
Calculation does not take into account any of the reliefs/exemptions which may apply for inheritance tax purposes, for example Business Relief, Agricultural Relief or Family Home Exemption. Where the Family Home exemption applies, the market value of the dwelling house is completely exempt from inheritance tax.
Inheritance tax is due to be paid within 4 months of the Valuation date i.e. the date at which assets have been valued for inheritance tax purposes. If you are late paying the tax, interest will be charged from the valuation date.
The information contained herein is based on the understanding of current Revenue practice as at January 2017 and may change in the future.