Inheritance Tax

Inheritance Tax

 

    2017-18

          2016-17

Nil rate band

 

For 2017-18, a further nil rate band of £100,000 may be available in relation to current or former residences. Nil rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased spouses/civil partners.

 

£325,000

£325,000

 

 

Rate of tax on balance:

 

 

 

 

Chargeable lifetime transfers

 

20%

 

20%

Transfers on or within 7 years of , death

 

40%

 

40%

subject to a tapered reduction for transfers between 7 and 3 years before death

Exemptions may be available; please contact us for relevant information and advice