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Inheritance tax
Data 2010 / 2011
|
|
|
|
|
Up to NRB |
0% |
0% |
Chargeable lifetime gifts where in excess of the NRB |
20% |
20% |
On death where in excess of the NRB |
40% |
40% |
|
|
|
Total annual gifts (for each donor)* |
3,000 |
3,000 |
Small gifts (for each donee) |
|
250 |
250 |
Gifts made from surplus income |
Unlimited |
Unlimited |
|
|
|
Gift by a parent |
5,000 |
5,000 |
Gift by a grandparent |
2,500 |
2,500 |
Gift by any other person |
1,000 |
1,000 |
|
|
|
Gifts made to individuals and certain types of trust
are potentially exempt, provided the donor survives for seven years.
If they die within that period taper relief (below) is available
if the gift is taxable. |
|
|
|
0 |
100% |
|
1 |
100% |
|
2 |
100% |
|
3 |
80% |
|
4 |
60% |
|
5 |
40% |
|
6 |
20% |
|
7 |
0% |
|
|
|
|
|
For information of users: This material is published
for the information of clients. It provides only an overview of the regulations
in force at the date of publication, and no action should be taken without
consulting the detailed legislation or seeking professional advice. Therefore
no responsibility for loss occasioned by any person acting or refraining
from action as a result of the material can be accepted by the authors
or the firm.
© Copyright JE Consulting 2010. All
rights reserved.
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