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Tax Tables

Inheritance Tax

Nil Rate Band

2022/23

2021/22

2020/21

Threshold

0%

£325,000

£325,000

£325,000

Residence

0%

£175,000

£175,000

£175,000

Residence nil rate band threshold

£2,000,000 £2,000,000 £2,000,000

 

 

 

 

Rates

2022/23

2021/22

2020/21

Lifetime rate

20%

20%

20%

Death rate

40%

40%

40%

Death rate where more than 10% of estate is left to charity

36%

36%

36%

 

 

 

 

Lifetime exemption for gifts of non-business assets

2022/23

2021/22

2020/21

Annual exemption per year (unused exemtions can be carried forward)

£3,000

£3,000

£3,000

Small gift exemption per person

£250

£250

£250

Gifts on marriage/civil partnership

 

 

 

By a parent

£5,000

£5,000

£5,000

By a grandparent

£2,500

£2,500

£2,500

By any other person

£1,000

£1,000

£1,000

 

 

 

 

Reduced charge on gifts made within seven years of death - by years before death

2022/23

2021/22

2020/21

0-3 years

100%

100%

100%

3-4 years

80%

80%

80%

4-5 years

60%

60%

60%

5-6 years

40%

40%

40%

6-7 years

20%

20%

20%

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