Inheritance Tax
2019/20 | 2018/19 | |
Nil Rate Band | £325,000 | £325,000 |
Rate of Tax on excess over £325,000 | 40% | 40% |
Chargeable lifetime transfers | 20% | 20% |
Reduced tax charge on gifts within 7 years of death | ||
Years before death | % of death tax charge | |
0 - 3 | 100% | |
3 - 4 | 80% | |
4 - 5 | 60% | |
5 - 6 | 40% | |
6 - 7 | 20% | |
Annual exempt gifts | ||
Per Donor | £3,000 | |
Per Donee | £250 |