Tax Tables
Inheritance Tax
08-09 |
07-08 |
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| Nil-rate band* | £312,000 | £300,000 | |
| Rate of tax on excess | 40% | 40% | |
| Lifetime transfers to and from certain trusts | 20% | 20% | |
| Overseas domiciled spouse/civil partner exemption | £55,000 | £55,000 | |
| 100% relief: | businesses, unlisted/AIM companies, and certain farmland/buildings | ||
| 50% relief: | for certain other business assets used by qualifying businesses | ||
*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 Oct 2007
| 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 | |||
for a more detailed Inheritance Tax calulator please click here
© Copyright March 2008, subject to Finance Act 2008. For information only.
Always seek professional advice before acting.