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Inheritance Tax
Inheritance Tax
Nil Rate Band |
2022/23 |
2021/22 |
2020/21 |
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Threshold |
0% |
£325,000 |
£325,000 |
£325,000 |
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Residence |
0% |
£175,000 |
£175,000 |
£175,000 |
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Residence nil rate band threshold |
£2,000,000 | £2,000,000 | £2,000,000 | ||
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Rates |
2022/23 |
2021/22 |
2020/21 |
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Lifetime rate |
20% |
20% |
20% |
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Death rate |
40% |
40% |
40% |
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Death rate where more than 10% of estate is left to charity |
36% |
36% |
36% |
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Lifetime exemption for gifts of non-business assets |
2022/23 |
2021/22 |
2020/21 |
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Annual exemption per year (unused exemtions can be carried forward) |
£3,000 |
£3,000 |
£3,000 |
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£250 |
£250 |
£250 |
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Gifts on marriage/civil partnership |
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By a parent |
£5,000 |
£5,000 |
£5,000 |
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By a grandparent |
£2,500 |
£2,500 |
£2,500 |
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By any other person |
£1,000 |
£1,000 |
£1,000 |
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Reduced charge on gifts made within seven years of death - by years before death |
2022/23 |
2021/22 |
2020/21 |
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0-3 years |
100% |
100% |
100% |
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3-4 years |
80% |
80% |
80% |
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4-5 years |
60% |
60% |
60% |
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5-6 years |
40% |
40% |
40% |
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6-7 years |
20% |
20% |
20% |
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