2018/19 Inheritance Tax
|Nil rate band||£325,000||£325,000|
A further nil rate band of £125,000 may be available in relation to current or former residences. Nil rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased spouses/civil partners.
Rate of tax on balance:
|Chargeable lifetime transfers||20%||20%|
|* Transfers on, or within 7 years of, death||40%||40%|
* subject to a tapered reduction for transfers between 7 and 3 years before death.