Inheritance Tax

Charges on or after 6th April 2009                                                          Rates %
0 - £325,000                                                                                                   NIL                                  Nil band frozen
Above £325,000                                                                                            40%                                    until 2014/15

Lifetime chargeable transfers at half the death rate, ie 20%.

Business property relief of 100% for all shareholdings in qualifying unquoted trading companies and for most unincorporated trading businesses; agricultural property relief at 100% for qualifying holdings of agricultural land.

Annual exemption for lifetime gifts £3,000.

Small gifts up to £250 per donee per year are ignored.

Tapering relief applies to reduce the tax on transfers within 7 years of death.

The reduction in tax is 20% for survivorship of 3-4 years, 40% for 4-5 years, 60% for 5-6 years and 80% for 6-7 years.

 
 

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