Inheritance Tax

2017-2018

Death Rate %Lifetime Rate %Chargeable Transfers £000
NilNil0-325
4020Over 325

The IHT nil rate band will remain frozen at £325,000 until April 2021 and rates payable on death stay at 40% or 36% where at least 10% of the net estate assets are left to charity.

Additional nil-rate band levels will be introduced by the government when a residence is left on death to a direct descendant. This will be £100,000 in 17-18 £125,000 in 18-19 £150,000 in 19-20 and £175,000 in 20-21

Reliefs

Annual exemption £3,000

Small Gifts £250

Marriage

  • parent £5,000
  • grandparent £2,500
  • bride/groom £2,500
  • other £1,000

Reduced charge on gifts within seven years of death

Years before death0-33-44-55-66-7
% of death charge10080604020

If you have any questions or would like further information please call on 01527 68235