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Inheritance Tax


  2010/11 2009/10
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
 £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 after 8 October 2007  

 

© 22 June 2010. For general information only. Subject to the Finance Act 2010. It is recommended you seek competent professional advice before acting.
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