Inheritance Tax
2026/27 £325,000 175,000
2025/26 £325,000 175,000
Nil rate band (NRB)*
NRB Residential enhancement (RNRB)†*
Tax rate on death**
40% 20%
40%
Tax rate on lifetime transfers to most trusts 20% *Up to 100% of the proportion of a deceased spouse’s/civil partner’s unused NRB and RNRB band may be claimed to increment the current NRB and RNRB when the survivor dies. † RNRB is available for transfers on death of a main residence to (broadly) direct descendants. It tapers away at the rate of £1 for every £2 of estate value above £2m. **Rate reduced to 36% if at least 10% of the relevant estate is left to charity. Unlimited exemption for transfers between spouses/civil partners, except if transferor is a ‘long-term resident’ and transferee is not; maximum exemption is then £325,000. 100% Business Property Relief (BPR) for all shareholdings in qualifying unquoted trad- ing companies, qualifying unincorporated trading businesses and certain farmland/ buildings , up to a maximum value of £2.5 million (2025/26: unlimited); 50% relief available thereafter. Reduced tax charge on gifts within 7 years before death Years before death 0-3 3-4 4-5 5-6 6-7 % of full death tax charge payable 100 80 60 40 20 Annual exemptions for lifetime gifts include £3,000 per donor and £250 per recipient. Key dates and deadlines Self assessment 2026/27 2025/26 1st payment on account 31 January 2027 2026 2nd payment on account 31 July 2027 2026 Balancing payment 31 January 2028 2027 Capital Gains Tax* 31 January 2028 2027 Other payment dates Class 1A NIC 19 July 2027 2026 Class 1B NIC 19 October 2027 2026 Corporation tax is due 9 months and 1 day from the end of the accounting period, unless a ‘large’ company paying by quarterly instalments.
2025/26 Filing deadlines Issue P60s to employees
31 May 6 July
2026 2026
P11D, P11D(b)
Self Assessment Tax Return (SATR) paper version Online SATR if outstanding tax to be included in 2027/28 PAYE code (if under £3,000)
31 October
2026
30 December 31 January
2026
Online SATR 2027 *A CGT return is due within 60 days of completion of sale of any UK land and buildings by a non-resident and of sale of UK residential property with a tax liability by a UK resident. Any CGT payable is also due within 60 days. You are advised to consult us before acting on any information contained herein.
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