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Tax
Inheritance tax
Data 2010 / 2011
|
2010/11 (£) |
2009/10 (£) |
|
Threshold (Nil Rate Band) |
325,000 |
325,000 |
|
|
|
|
|
Rates of Inheritance Tax |
|
|
|
Up to NRB |
0% |
0% |
|
Chargeable lifetime gifts where in excess of the NRB |
20% |
20% |
|
On death where in excess of the NRB |
40% |
40% |
|
|
|
|
|
Exemptions |
|
|
|
Total annual gifts (for each donor)* |
3,000 |
3,000 |
|
|
250 |
250 |
|
Gifts made from surplus income |
Unlimited |
Unlimited |
|
|
|
|
|
In consideration of marriage |
|
|
|
Gift by a parent |
5,000 |
5,000 |
|
Gift by a grandparent |
2,500 |
2,500 |
|
Gift by any other person |
1,000 |
1,000 |
|
|
|
|
|
Gifts made to individuals and certain types of trust are potentially exempt, provided the donor survives for seven years. If they die within that period taper relief (below) is available if the gift is taxable. |
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|
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Complete years |
% charged to IHT |
|
|
0 |
100% |
|
|
1 |
100% |
|
|
2 |
100% |
|
|
3 |
80% |
|
|
4 |
60% |
|
|
5 |
40% |
|
|
6 |
20% |
|
|
7 |
0% |
|
|
|
|
|
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For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.
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