You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
Northampton: 01604 630745
Rugby: 01788 575037
Inheritance tax rates and allowances.
IHT may be payable when an individual's estate is worth more than the IHT nil rate band when they die.
Lifetime and death transfers between UK domiciled spouses are exempt from IHT.
For 2019/20, a further nil rate band of £150,000 (2018/19 - £125,000) may be available in relation to current or former residences.
The IHT threshold available on death may be increased for surviving spouses as there may have been a nil rate band not used, or not fully used, on the previous death.
There are reliefs for some business and farming assets which reduce their value for IHT purposes.
IHT may also be payable on gifts made in an individual's lifetime but within seven years of death.
Some lifetime gifts are exempt.
Transfers of assets into trust made in an individual's lifetime may be subject to an immediate charge but at lifetime rates.
There are also charges on some trusts.
Standard nil rate band: £325,000
Annual Exemption: £3,000
Small Gifts: £250
Marriage: The amount of relief depends on who the gift is from...
07 Jan 2020
Chancellor Sajid Javid has announced that he will deliver the 2020 Budget on Wednesday 11 March 2020.
The government has announced the largest increase since the National Living Wage was introduced two decades ago.
The government has announced it will make a number of changes to the loan charge rules.
Would you like to download our mobile app from the App Store?