Tax Rates & Allowances - Inheritance Tax
This information is prepared for guidance only. We recommend that you contact us for advice before acting on any information contained on this page and we cannot accept responsibility for any action taken without such advice.
Rates |
Charges on or after 6th April 2008 |
Charges between 6th April 2008 and 5th April 2009 |
Nil |
0 - £325,000 |
0 - £312,000 |
40% |
Above £325,000 |
Above £312,000 |
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 - annual amount per donee £250.
Reduced tax charge on transfers within 7 years of death
Years before death |
Percentage of death rates |
0 - 3 |
100% |
3 - 4 |
80% |
4 - 5 |
60% |
5 - 6 |
40% |
6 - 7 |
20% |
Over 7 |
NIL |
|
