Canada Life has backed the launch of a new new inheritance tax tool on the HMRC Dot Gov website.
HMRC said that its new online IHT guidance tool to support customers who are unfamiliar with the IHT process and who need guidance on whether they will need to pay IHT and
what forms they will need to complete.
Kim Jarvis, pictured left, technical manager at Canada Life, pointed that while the website tool is only designed as a guide, due the complex nature of navigating IHT, any support or help that an individual can access is a good thing.
"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," Jarvis said.
"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.
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.
It will also direct customers to guidance on probate. HMRC has emphasised that the tool is not a calculator and should be used as guidance.