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Join UsCall UsInheritance Tax may be charged on the value of an estate when someone dies, as well as on certain lifetime gifts.
A tax-free threshold applies, with any value above this generally taxed at 40%, although reliefs and exemptions can reduce the amount due.
Most estates do not pay Inheritance Tax, particularly where assets are left to a spouse, civil partner, or charity.
| 2023/2024 | 2024/2025 | 2025/2026 | 2026/2027 | |
|---|---|---|---|---|
| IHT nil rate (1) | £325,000 | £325,000 | £325,000 | £325,000 |
| Residence nil rate band (RNRB) (2) | £175,000 | £175,000 | £175,000 | £175,000 |
| Lifetime rate | 20% | 20% | 20% | 20% |
| Death rate | 40% | 40% | 40% | 40% |
| Lower rate when 10% or more of estate is left to a charity | 36% | 36% | 36% | 36% |
1. IHT nil rate band frozen until 5 April 2031.
2. The RNRB is tapered by £1 for every £2 that the estate exceeds £2m.
| 2023/2024 | 2024/2025 | 2025/2026 | 2026/2027 | |
|---|---|---|---|---|
| Annual exemption | £3,000 | £3,000 | £3,000 | £3,000 |
| Small gifts | £250 | £250 | £250 | £250 |
| Marriage/civil partnerships: | ||||
| - Parent | £5,000 | £5,000 | £5,000 | £5,000 |
| - Remoter ancestor (1) | £2,500 | £2,500 | £2,500 | £2,500 |
| - Party to the marriage/civil partnership | £2,500 | £2,500 | £2,500 | £2,500 |
| - Other | £1,000 | £1,000 | £1,000 | £1,000 |
1. A grandchild or great-grandchild.
| Years before death | 0 to 3 | 3 to 4 | 4 to 5 | 5 to 6 | 6 to 7 |
|---|---|---|---|---|---|
| % of death rate tax | 100 | 80 | 60 | 40 | 20 |
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