Inheritance Tax
| Death Rate |
Lifetime Rate |
Chargeable transfers |
| % |
% |
2013/14 and 2012/13
£’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 |
Disclaimer
Rates are for guidance only. No responsibility for loss occasioned by any person acting/refraining from action as a result of this information can be accepted by the authors or firm.
Company Information - Walker Thompson is a trading name of Walker Thompson Ltd registered in England and Wales. Company registration number 06574838
Registered Office - Empress House :: 43a Binley Road :: Coventry CV3 1HU :: T 024 7663 5522 :: F 024 7663 5518 :: E
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