Inheritance tax thresholds
|
|
2016/17
|
2015/16
|
|
Inheritance tax threshold (nil rate band)
|
£325,000
|
£325,000
|
Inheritance tax rates
|
Inheritance tax death rates
|
2016/17
|
2015/16
|
|
Rate on excess over nil rate band
|
40%
|
40%
|
Inheritance tax is charged on the amount by which the value of the estate exceeds the available nil rate band.
Lifetime rate
The lifetime rate on chargeable lifetime transfers is 50% of the death rate (i.e.20% for 2016/17 amd 2015/16).