Inheritance Tax
|
|
Years to 31.3.08 |
Death Rate
|
Lifetime Rate |
2008/09 |
2007/08 |
£ |
% |
£'000 |
£'000 |
Nil |
Nil |
0 - 312* |
0 - 300* |
40 |
20 |
Over 312* |
Over 300* |
| *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 |
|
TOP |