Inheritance Tax 2024/25. The residence nil rate band (rnrb) was first introduced in april 2017 and is an additional inheritance tax allowance of £175,000 (2024/25) available on any property passed. Work out an estate value when legacies in a will are free of tax and other assets are tax exempt.
Each individual is taxed at a rate of 40pc on all their assets above a threshold of. This section delves into the nuances of these changes, evaluating their potential impact on uk residents.