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 |
