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

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HB Accountants Amwell House, 19 Amwell Street, Hoddesdon, Hertfordshire, EN11 8TS