NEWS
November 1, 2018
| INHERITANCE TAX | |||||||||
| 18/19 | 19/20 | ||||||||
| Nil-rate band* | £325,000 | £325,000 | |||||||
| Residence nil-rate band*† | £125,000 | £150,000 | |||||||
| Rate of tax on excess | 40% | 40% | |||||||
| Rate if at least 10% of net estate left to charity | 36% | 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/farm buildings | |||||||||
| 50% relief: certain other business assets, e.g. farmland let before 1/9/95 | |||||||||
| Annual exempt gifts of: | £3,000 per donor | £250 per donee | |||||||
| * Up to 100% of the unused proportion of a deceased spouse’s/civil partner’s nil-rate band and/or residence nil-rate band can be claimed on the survivor’s death † Estates over £2,000,000 subject to 50% taper on excess
| |||||||||
| Tapered Tax charge on lifetime gifts within 7 years of death | |||||||||
| Years between gift and death | 0–3 | 3–4 | 4–5 | 5–6 | 6–7 | ||||
| % of death tax charge | 100 | 80 | 60 | 40 | 20 | ||||
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 this document.
West London
3 Brook Business Centre,
Cowley Mill Road,
Uxbridge, UB8 2FX
T +44 (0) 1895 256423
East London
Leytonstone House,
Leytonstone,
London, E11 1GA
London, E11 1GA
T +44 (0) 20 8988 6100
South London
Charles Lake House, Claire Causeway, Crossways Business Park, Dartford DA2 6QA
T +44 (0) 1322 275335
London Bridge
1st Floor,
73–81 Southwark Bridge Road,
London, SE1 0NQ
73–81 Southwark Bridge Road,
London, SE1 0NQ
T +44 (0) 20 3814 9990
City London
46 New Broad Street,
London, EC2M 1JH
London, EC2M 1JH
T +44 (0) 20 3890 7360
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.
