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When a person dies, his estate and all chargeable transfers made within seven years before his death are subject to inheritance tax at rates set out below.
Charges on Rates Charges between
or after % 6 April 2008 and
6 April 2009   6 April 2009
0 - 325,000 Nil 0 - 312,000
Above 325,000 40% Above 312,000
Lifetime chargeable transfers are subject to inheritance tax at half the death rate, i.e 20%.There is a tapered reduction in the tax payable on transfers made between seven and three years before death.
Taper relief
Years before death
Percentage of death rates
0 - 3
100%
3 - 4
80%
4 - 5
60%
5 - 6
40%
6 - 7
20%
Over 7
NIL
Exemptions
Exemption limit
Annual exemption
£3,000
Small gift - annual amount per donee
£250
Gifts in consideration of marriage or civil partnership:
- by parent
£5,000
 
- by grandparent
£2,500
- by party to the marriage or civil partnership
£2,500
- by any other person
£1,000
Most transfers between spouses and civil partners
no limit
Gifts to political parties
no limit
Gifts to charities
no limit
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