Inheritance Tax |
|
19/20 |
18/19 |
Nil-rate band* |
£325,000 |
£325,000 |
Residence nil-rate band*† |
£150,000 |
£125,000 |
Rate of tax on excess |
40% |
40% |
Rate if at least 10% of net estate left to charity |
36% |
36% |
Lifetime transfers to and from certain trusts |
20% |
20% |
Overseas domiciled spouse/civil partner exemption |
£325,000 |
£325,000 |
100% relief: businesses, unlisted/AIM companies, certain farmland/farm buildings |
50% relief: certain other business assets, e.g. farmland let before 1/9/95 |
Annual exempt gifts |
£3,000 per donor |
£250 per donee |
* Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nil-rate band and/or residence nil-rate band can be claimed on the survivor’s death
†Estates over £2,000,000 subject to 50% taper on excess |