Inheritance Tax 2012

2012/13 2011/12
Nil-rate band* £325,000 £325,000
Rate of tax on excess 40%** 40%
Lifetime transfers to and from certaintrusts 20% 20%
Relief for businesses, unlisted and AIM companies, certain farmland/buildings 100% 100%
Relief for certain other business assets 50% 50%
Exemption for overseas domiciled spouse/civil partner £55,000 £55,000
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 survivor’s death.
** 36% where at least 10% of net estate left to charity for death after 5/4/12.
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ICAEW The Chartered Institute of Taxation ACCA IPG IR