Inheritance Tax
| Charges on or after 6th April 2007 | Rates % | Charges between 6th April 2006 and 5th April 2007 |
| 0 - £300,000 | NIL | 0 - £285,000 |
| Above £300,000 | 40% | Above £285,000 |
- Lifetime chargeable transfers at half the death rate, ie 20%.
- Business property relief of 100% for all shareholdings in qualifying unquoted trading companies and for most unincorporated trading businesses; agricultural property relief at 100% for qualifying holdings of agricultural land.
- Annual exemption for lifetime gifts £3,000.
- Small gifts - annual amount per donee £250.
Reduced tax charge on transfers within 7 years of death
| Years before death | Percentage of death rates |
| 0 - 3 | 100% |
| 3 - 4 | 80% |
| 4 - 5 | 60% |
| 5 - 6 | 40% |
| 6 - 7 | 20% |
| Over 7 | NIL |
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