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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 2020/21, a further nil rate band of £175,000 (2019/20 - £150,000) 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...
18 Mar 2020
Chancellor Rishi Sunak has set out a package of temporary, targeted measures to support public services, people and businesses through the period of disruption caused by COVID-19.
12 Mar 2020
The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020.
05 Mar 2020
The Prime Minister, Boris Johnson, has announced that employees will be entitled to Statutory Sick Pay (SSP) from day one when self-isolating.
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