Inheritance Tax

Tax Rates2017/182016/17
Nil-rate band*£325,000£325,000
Residence nil-rate band**£100,000**N/A
Rate of tax on excess40%40%
Rate if at least 10& of net estate left to charity36%36%
Lifetime transfers to and from certain trusts20%20%
Overseas domiciled spouse/civil partner exemption£325,000£325,000

Notes

  • *up to 100% of the unused portion of a deceased spouse/civil partner’s nil-rate band can be claimed on the survivors’s death
  • 100% relief: businesses, unlisted/AIM companies, certain farmland/buildings
  • 50% relief: certain other business assets e.g. farmland let pre 1/9/95
  • **subject to 50% taper relief for estates above £2,000,000

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