Inheritance Tax

    2018-19

          2017-18

Nil rate band

£325,000

£325,000

A further nil rate band of £125,000 may be available in relation to current or former residences. Nill rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased spouses/civil partners.

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