The Gift Tax Calculator is a web-based tool designed to help individuals calculate the potential inheritance tax due on gifts given within the last 7 or 14 years, depending on the presence of a trust. The calculator takes into account the following factors:

1. Gift Details Input:
   • Gift Description: What the gift was.
   • Recipient: Who received the gift.
   • Date: When the gift was given.
   • Value: The monetary value of the gift in pounds (£).

Trust Option:

• Users can indicate whether the gifts are associated with a trust, which extends the period considered from 7 years to 14 years.

Gift Recording:

• Each gift is recorded in a table with columns for the gift description, recipient, date, value, years between the gift date and today, applicable tax rate, and calculated tax due.
• Rows can be added dynamically using an “Add Gift” button and can be deleted individually using an “X” button.

Tax Calculation:

• The calculator determines the tax rate based on the number of years between the gift date and the current date:
  • 0 to 3 years: 40%
  • 3 to 4 years: 32%
  • 4 to 5 years: 24%
  • 5 to 6 years: 16%
  • 6 to 7 years: 8%
  • More than 7 years: 0% (unless there is a trust, extending consideration to 14 years)
• The tax due for each gift is calculated as the value of the gift multiplied by the applicable tax rate.
• The total tax due is updated dynamically and displayed below the table.

Nil Rate Band:

• The calculator assumes an individual nil rate band of £325,000, meaning no tax is due on gifts that cumulatively fall below this threshold.

Gift Tax Calculator

Gift:
Recipient:
Date:
Value (£):

Is there a trust?

Add Gift

Gifts

Gift	Recipient	Date	Value (£)	Years Between Gift and Death	Tax Rate	Tax Due (£)	Nil Rate Band	Action

Total Tax Due: £0.00

Calculate Total Tax