Inheritance Tax UK
Inheritance Tax (IHT) may be due on estates above certain thresholds.
Current thresholds
- Nil-rate band: £325,000
- Residence nil-rate band: Additional £175,000 (if passing home to direct descendants)
- Tax rate: 40% on the amount above the threshold
Exemptions
- Spouse or civil partner exemption (unlimited)
- Charity exemption
- Business and agricultural relief
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