budget report 2011

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« Back to Budget 2011

Inheritance Tax

  2011/12 2010/11
Nil-rate band*  £325,000  £325,000
Rate of tax on excess 40% 40%
Lifetime transfers to and from certain trusts 20% 20%
Exemption for overseas domiciled spouse/civil partner
 £55,000 £55,000
   
100% relief: businesses, unlisted/AIM companies, certain farmland/buildings
50% relief: certain other business assets
   
Reduced tax charge on gifts within 7 years of death
Years before death: 0-3 3-4 4-5 5-6 6-7
% of death tax charge: 100 80 60 40 20
        
Annual exempt gifts:  
 £3,000 per donor
  £250 per donee
 
* Up to 100% of the unused proportion of a deceased spouse's/civil partner's nil-rate band can be claimed on the surviving spouse’s/civil partner’s death.

Budget Summary

  1. Capital taxes
  2. Charities
  3. Miscellaneous
  4. National insurance contributions
  5. Personal and trust taxation
  6. Value added tax (VAT)

Tax Tables

  1. Basic State Pension
  2. Capital Gains Tax
  3. Car Benefit For Employees
  4. Company Cars
  5. Corporation Tax
  6. Fuel Benefit
  7. Income Tax
  8. Individual Savings Accounts (ISAs)
  9. Inheritance Tax
  10. Main Capital and Other Allowances
  11. Main Due Dates for Tax Payment
  12. Main Personal Allowances and Reliefs
  13. National Insurance Contributions
  14. Registered Pensions
  15. Stamp Duties
  16. Tax-Free Mileage Allowance
  17. Value Added Tax