07 September 2026Event
Legal Professional Privilege (LPP) in Tax Matters
Explore how legal privilege applies to tax investigations in Europe
Tax rates and allowances
The government has announced that the inheritance tax (IHT) threshold will remain frozen at £325,000 until 2025/2026. In addition, the residence nil-rate band will also be frozen at £175,000.When added to the IHT threshold of £325,000, it allows each individual to pass on £500,000 with no IHT payable - or £1m per couple. There is a tapered withdrawal of the additional nil-rate band for estates with a net value of more than £2m. This is at a withdrawal rate of £1 for every £2 over this threshold.
The rate of IHT remains at 40%.
For a table of the main tax rates and allowances for 2021/2022, click here.
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
Key contacts
If you have any questions, contact a member of the Inheritance tax team for assistance:
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