Tiley's Revenue Law - Part IV 2024
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Home > 2024 Supplement > Part IV : Inheritance Tax


  1. Study Questions
  2.  > Part I: Introduction to UK Tax Law
  3.  > Part II: Income Tax
  4.  > Part III: Capital Gains Tax
  5.  > Part IV: Inheritance Tax
  6.  > Part V: Corporation Tax
  7.  > Part VI: International and European Union Tax
  8.  > Part VII: Tax-Preferred Savings and Charities
  9. Bonus Chapters
  10.  > Chapter 78
  11.  > Chapter 79
  12.  > Chapter 80
  13.  > Chapter 81
  14.  > Chapter 82
  15. 2024 Supplement
  16.  > Part I: Introduction to UK Tax Law
  17.  > Part II: Income Tax
  18.  > Part III: Capital Gains Tax
  19.  > Part IV: Inheritance Tax
  20.  > Part V: Corporation Tax
  21.  > Part VI: International and European Union Tax
  22.  > Online Bonus Chapters

Part IV : Inheritance Tax (2024)

Chapter 44 – Inheritance Tax: Introduction

In a 2023 report ‘Reforming inheritance tax’, the Institute for Fiscal Studies expects
IHT to raise over £15 billion by 2032-33 (at today’s prices), with one in eight people
affected by the tax, compared to around 4% of estates in 2020-21.

44.4.1 Progression. The nil rate band for inheritance tax for 2023-24, and fixed until
the end of the tax year 2027-28, remains unchanged at £325,000. The residence nil
rate amount is similarly frozen at £175,000.

Chapter 54 – Particular Types of Property

54.3 Agricultural Property. From 6 April 2024, the IHT agricultural property relief
provisions apply to agricultural property only if it is in the United Kingdom.

54.5 Timber. From 6 April 2024, the IHT woodlands relief provisions apply only if
the woodlands are in the United Kingdom.