16/17 | 17/18 | |
Nil-rate band* | £325,000 | £325,000 |
Residence nil-rate band* | N/A | £100,000† |
Rate of tax on excess Rate if at least 10% of net estate left to charity | 40% 36% | 40% 36% |
Lifetime transfers to and from certain trusts | 20% | 20% |
Overseas domiciled spouse/civil partner exemption | £325,000 | £325,000 |
100% relief: businesses, unlisted/AIM companies, certain farmland/buildings | ||
50% relief: certain other business assets, e.g. farmland let before 1/9/95 | ||
*Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nil-rate band can be claimed on the survivor’s death †Subject to 50% taper for estates above £2,000,000 |
Annual exempt gifts | £3,000 per donor | £250 per donee |
Tax charge on gifts within 7 years of death | |||||
Years before death | 0–3 | 3–4 | 4–5 | 5–6 | 6–7 |
% of death tax charge | 100 | 80 | 60 | 40 | 20 |
West London
3 Brook Business Centre,
Cowley Mill Road,
Uxbridge, UB8 2FX
East London
London, E11 1GA
South London
London Bridge
73–81 Southwark Bridge Road,
London, SE1 0NQ
City London
London, EC2M 1JH
We believe we are more than just your average accountancy firm. Our goal at Barnes Roffe is to engage our clients through a proactive relationship, which provides you with the resources and tools you need to enable you to take charge of your finances with confidence.
Tax news, audit news and any new accounting news ... with the help of our topical tips, blogs and key guides you can enjoy the benefit of being regularly informed of business and accounting updates which are likely to be relevant to you and your business.
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.