HOME    ABOUT US    SERVICES    EXPERIENCE/CUSTOMERS    TAX RATES    LINKS    JOB OPPORTUNITIES    CONTACT US
Krogh & Partners Limited
 
Your auditor, accountant and advisor in the United Kingdom

Inheritance Tax




2017/18
2016/17
Nil rate band (NRB)*    
325,000
325,000
NRB Residential enhancement (RNRB)*** 
100,000
N/A
Rate of tax above nil rate band**
40%
40%
Lifetime transfers to most trusts
20%
20%

***RNRB is available for transfers of a main residence to direct descendents. It tapers away at the rate of 1 for every 2 of estate value above 2m.

*Up to 100% of the proportion of a deceased spose's/civil partenr's unused NRB and RNRB band may be claimed to increment the current NRB and RNRB when the survivor dies.

**Rate reduced to 36% if at least 10% of the relevant estate is left to charity. Unlimited exemption for transfers between spouses/civil partners, except if UK domiciled transferor and foreign domiciled transferee, where maximum exemption 325,000.

100% Business Property Relief (BPR) for all shareholdings in qualifying unquoted trading companies, qualifying unincorporated trading businesses and certain farmland/buildings.

Reduced tax charge on gifts within 7 years before death
Years before death
0-3
3-4
4-5
5-6
6-7
% of full death tax charge payable
100
80
60
40
20

Annual exemptions for lifetime gifts include 3,000 per donor and 250 per recipient.








Tax rates

Tax rates 2016/17
Income Tax
Annual investment limits
Vehicle Benefit
Tax free mileage allowances
National Insurance Contributions
Pension contributions
Inheritance Tax
Value Added Tax
Capital Gains Tax
Corporation Tax
Main capital allowances
Property Taxes
Key dates and deadlines
Useful rates