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