Tax Rates & Allowances
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The inheritance tax (IHT) nil rate band will remain frozen at £325,000 until April 2021, and the rates of IHT payable on death remain unchanged at 40% or 36% where at least 10% of the net estate is left to charity.
The government will consult on extending the existing IHT exemption for the estates of members of the armed forces, whose death is caused or hastened by injury while on active service, to members of the emergency services.
Additional nil-rate band (the ‘residence nil rate band’ (RNRB)) was introduced from 2017/18 and applies when a residence is passed on death to direct descendants. The RNRB is being phased in between 2017/18 and 2020/21 as follows:
- £100,000 in 2017/18
- £125,000 in 2018 /19
- £150,000 in 2019/20
- £175,000 in 2020/21
The value of RNRB is tapered away at £1 for every £2 by which the value of the total estate exceeds £2 million.
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Coronavirus (COVID-19) update
As a valued member of our community, we appreciate the trust you place in us to make sure all your critical services continue.
We are committed to an evidence-led and common-sense approach to containing the coronavirus outbreak and mitigating its impact on employees, customers and our wider business operations.
Please be assured we are preparing for our services to continue as normal. We have business continuity plans in place to minimise the risk of infection and make sure we can continue to deliver a business-as-usual service to our customers should an infection occur at an office. These include implementing clear guidelines for employees, providing support and advice for anyone who needs to self-quarantine, and issuing guidance on following safe hygiene practices across the organisation.
You can find further information on Covid-19 below to keep you updated:
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