Inheritance Tax
|
|
Chargeable transfers
|
Death rate
%
|
Lifetime rate
%
|
2009/10
£’000
|
2008/09
£’000
|
|
Nil
|
Nil
|
0 - 325*
|
0 - 312*
|
|
40
|
20
|
Over 325*
|
Over 312*
|
| *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
|
|