Inheritance Tax
| |
2008/09 |
2007/08 |
| Nil-rate
band* |
£312,000 |
£300,000 |
| Rate of tax on
excess |
40% |
40% |
| Lifetime
transfers to and from certain trusts |
20% |
20% |
| Overseas
domiciled spouse/civil partner exemption |
£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 |
|
|
|
|
