Inheritance tax, or IHT, is a tax payable by your estate when you die. Not everyone in the UK has to pay IHT – it is only due if the value of your estate, including any assets held in trust and gifts made within seven years of your death, exceeds the IHT exemption threshold – called the nil-rate band – in force at the date of your death. Tax is due on the amount that exceeds that threshold.
| Band | 2009–10 and 2010–11 |
|---|---|
| Nil-rate band | £325,000 |
| 40% rate band | £325,001 or more |
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Source:http://www.dummies.com/how-to/content/inheritance-tax-in-the-uk.html
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