Inheritance Tax

Rates

Tax Rates on Death
2008/09
2007/08
Nil
0 - £312,000
0 - £300,000
40%
over £312,000
over £300,000

Potentially Exempt Transfers are available for most lifetime transfers.

Lifetime chargeable transfers are taxed at 20% on amounts above the nil rate band.

Reliefs

  • Annual gifts of capital not exceeding £3,000 are exempt
  • Gifts not exceeding £5,000 from a parent on marriage are exempt
  • Small gifts of £250 p.a. are exempt

 

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