Inheritance Tax
  2010/11 2009/10
© Copyright 22nd June 2010, subject to Finance Act 2010. For information only. Always seek professional advice before acting.
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
© Copyright 22nd June 2010, subject to Finance Act 2010. For information only. Always seek professional advice before acting.
% 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