TAX
TABLES 2008
Inheritance
Tax
| |
08-09 |
07-08 |
| 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 exemption |
£55,000 |
£55,000 |
| 100%
relief: businesses, unlisted/AIM
companies, certain farmland/buildings |
|
|
| 50%
relief: certain other business
assets used by qualifying businesses
|
|
|
|
| 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 Oct 2007
©
Copyright 12 March 2008, subject to Finance
Act 2008. For information only. Always seek
professional advice before acting.
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