Inheritance Tax 2014

2014/15 2013/14
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 £325,000 £325,000
100% relief: businesses, unlisted and AIM companies, certain farmland and farm buildings.
50% relief: certain other business assets, e.g. farmland let pre-1/9/95.
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 of:
£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.
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