+ 44 (0) 207 332 2810
Mermaid House 2 Puddle Dock London EC4V 3DB
UK Tax Services
UK tax rates 2023/24
UK tax rates 2022/23
UK tax rates 2021/22
UK tax rates 2020/21
UK tax rates 2019/20
U.S. Tax Services
US Streamlined Procedure
French Tax Services
Inheritance tax (IHT)
IHT may be payable when an individual’s estate is worth more than the IHT nil rate band when they die.
Lifetime and death transfers between UK domiciled spouses are exempt from IHT.
For 2020/21, a further nil rate band of £175,000 (2019/20 – £150,000) may be available in relation to current or former residences.
The IHT threshold available on death may be increased for surviving spouses as there may have been a nil rate band not used, or not fully used, on the previous death.
There are reliefs for some business and farming assets which reduce their value for IHT purposes.
IHT may also be payable on gifts made in an individual’s lifetime but within seven years of death.
Some lifetime gifts are exempt.
Transfers of assets into trust made in an individual’s lifetime may be subject to an immediate charge but at lifetime rates.
There are also charges on some trusts.
IHT rates and nil rate band 2020/21 and 2019/20
IHT nil rate
Death rate if sufficient charitable legacies made
IHT reliefs for lifetime gifts
IHT – reduced charge on gifts within seven years of death
Years before death
% of death charge