Tax Return Deadline:
31st January 2023
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.
If the estate’s value is below the threshold you’ll still need to.
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren.
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million.
The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the threshold.
*Values are subject to change
Tax Rates – Individuals
Gains to basic rate limit
Gains above basic rate limit
Tax Rate – Trusts and Estates (1) Exemptions
Individuals, estates, etc
Entrepreneurs’ Relief – Gains taxed at 10% up to lifetime limit of
Investors’ Relief – Gains taxed at 10% up to lifetime limit of
Residence nil-rate band (1)
Rate of tax on excess
Chargeable lifetime transfers Annual gifts of up to £3,000 are exempt