Inheritance Tax
The inheritance tax (IHT) nil rate band (NRB) will remain frozen at £325,000 until April 2028. The rates of IHT payable on death remain unchanged at 40% or 36% where at least 10% of the net estate is left to charity.
An additional nil-rate band (the ‘residence nil rate band’ (RNRB)) applies where an individual dies after 5 April 2017 and their estate is above the NRB. The RNRB applies when the whole or part share in the deceased’s home is passed on death to direct descendants.The maximum value of the RNRB is the lower of: the value of the home passed on, and the amount in the table below
Year of death | Value of RNRB |
2017/18 | £100,000 |
2018/19 | £125,000 |
2019/20 | £150,000 |
2020/21 | £175,000 |
2021/22 | £175,000 |
2022/23 | £175,000 |
2023/24 | £175,000 |
The value of RNRB is tapered away at £1 for every £2 by which the value of the total estate exceeds £2 million.This threshold is also frozen until 2027/28.
BLOG POSTS
Posted on Mon, 3 Aug 2015
Posted on Mon, 3 Aug 2015
Posted on Wed, 29 Jul 2015
TWITTER
Tweets by @OWSupportLATEST TAX TIPS AND NEWS
It has been revealed that companies across the UK have paid £95.2 billion in Business taxes in the financial year just finished (23/24) - a rise...
Baroness Ros Altmann, a leading campaigner on pensions, has highlighted her fears after figures showing that the number of pensioners liable for tax...
Business owners need to be aware of a batch of new laws that have just taken effect covering employees' rights....
The saga over whether HMRC will axe its tax helpline continues to rumble on, with the latest comments suggesting it may still close after all....
Q: I've started a new job quite recently with a hybrid working arrangement. I work from home 3 or 4 days per week,...
5th Companies House fees are increasing due to the recent introduction of the ECCTA....