| 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 |
