Iht
Glossary
Inheritance Tax
Inheritance Tax (IHT) is the UK tax charged on the value of an estate above the nil-rate band when someone dies, currently set at £325,000 with an additional £175,000 residence nil-rate band for property passed to direct descendants.
IHT is charged at 40% on the value of the estate above the available bands (36% if at least 10% of the estate goes to charity). Lifetime gifts made within 7 years of death may be brought back into the estate under the "taper relief" rules. Business Relief and Agricultural Relief can reduce or eliminate the IHT charge on qualifying business and farm assets — although both are being significantly restricted from April 2026 under the Autumn Budget 2024 reforms.
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