Inheritance Tax
|
Death
rate
%
|
Lifetime
rate
%
|
Chargeable transfers
2010/11 and 2009/10
£’000
|
Nil
|
Nil
|
0 - 325*
|
40
|
20
|
Over 325*
|
*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.
Reliefs
|
Annual exemption
|
£3,000
|
Marriage
|
- parent
|
£5,000
|
Small gifts
|
£250
|
|
- grandparent
|
£2,500
|
|
|
|
- bride/groom
|
£2,500
|
|
|
|
- other
|
£1,000
|
Reduced charge on gifts within seven years of death
|
Years before death
|
0-3
|
3-4
|
4-5
|
5-6
|
6-7
|
% of death charge
|
100
|
80
|
60
|
40
|
20
|
|
| Back to Tax Rates 2010/11 |
Bayliss Ware Ltd. Chartered Accountants.
Registered office: 9 Stratfield Park, Elettra Avenue, Waterlooville, Hants, PO7 7XN
Registered in England. Company No.: 3180843
VAT Number: 675 9982 55
Email: info(at)baylissware.com | Telephone: 023 9279 9744 | Fax: 023 9279 9755
|