Inheritance Tax

This information has been updated for the 2012/13 tax year.

Charges on or after 6/4/2009	Rates %
0 - £325,000	NIL	Nil band frozen
Above £325,000	40%	until 2014/15

Lifetime chargeable transfers at half the death rate, ie 20%. Business property relief of 100% for all shareholdings in qualifying unquoted trading companies and for most unincorporated trading businesses; agricultural property relief at 100% for qualifying holdings of agricultural land.

Annual exemption for lifetime gifts £3,000.

Small gifts - annual amount per donee £250.

Reduced tax charge on transfers within 7 years of death
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

You are advised to consult us before acting on any information contained herein.