Inheritance Tax

Posted on November 17, 2011 by admin

 

Death
rate
%

Lifetime
rate
%

Chargeable transfers
2011/12 and 2010/11
£’000

Nil

Nil

0 – 325*

40

20

Over 325*

*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.

Reliefs
Annual exemption £3,000

Marriage

 - parent £5,000
Small gifts £250   - grandparent £2,500
      - bride/groom £2,500
      - other £1,000

 

Reduced charge on gifts within seven years of death
Years before death

0-3

3-4

4-5

5-6

6-7
% of death charge

100

80

60

40

20
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