23/24

22/23

Nil-rate band*

£325,000

£325,000

Residence nil-rate band*^†

£175,000

£175,000

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

* 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: the value of the residence nil-rate band is reduced by 50% of the excess over £2,000,000

100% relief: businesses, unlisted/AIM companies, certain farmland/buildings

50% relief: certain other business assets

Annual exempt gifts of: £3,000 per donor   £250 per donee

Tapered tax charge on lifetime gifts within 7 years of death

Years 0–3 full 40% rate, then 8% less for each year until 0% at 7 or more years.