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Inheritance Tax
Death
rate
% |
Lifetime
rate
% |
Chargeable transfers
2011/12 and 2010/11
£’000 |
|
Nil |
Nil |
0 - 325* |
|
40 |
20 |
Over 325* |
*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 |
|