What your estate would pay as things stand, and which bands you can use.
Anything above the bands is taxed at 40%. The main band is £325,000 a person, frozen until 5 April 2030. There is a further £175,000 if a home passes to children or grandchildren.
A married couple can usually use two of each, because whatever the first one does not use passes to the survivor. That is the £1,000,000 figure people have heard about. It only holds if a qualifying home is going to direct descendants.
Above a £2,000,000 estate the residence band tapers away at £1 for every £2, which the calculation applies.
It cannot account for gifts made in the last seven years, business or agricultural relief, trusts, or anything left to a spouse or civil partner — all of which are exempt or reduce the bill, and any of which can change the answer substantially.
This is information. It is not a personal recommendation. Whether any of it is right for you depends on your circumstances.
Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write. We will tell you honestly whether we can help.