Inheritance Tax 2011

2011/12 2010/11
Nil-rate band* £325,000 £325,000
Rate of tax on excess 40% 40%
Lifetime transfers to and from certaintrusts 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.
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