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Tax Tables

Inheritance Tax

Nil rate bands

2024/25

2023/24

2022/23

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

2024/25

2023/24

2022/23

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

2024/25

2023/24

2022/23

Annual exemption per year (unused exemptions can be carried forward on year) £3,000 £3,000 £3,000
Small gift exemption per person £250 £250 £250

Gifts on marriage/civil partnership

By parent £5,000 £5,000 £5,000
By grandparent £2,500 £2,500 £2,500
By others £1,000 £1,000 £1,000
 

Relief on gifts made within seven years of death - by years before death

2024/25

2023/24

2022/23

0 - 3 years 0% 0% 0%
3 - 4 years 20% 20% 20%
4 - 5 years 40% 40% 40%
5 - 6 years 60% 60% 60%
6 - 7 years 80% 80% 80%
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