Inheritance Tax
| Charges on or after 6th April 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. |
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| Tapering relief applies to reduce the tax on transfers within 7 years of death. The reduction in tax is 20% for suvivorship of 3-4 years, 40% for 4-5 years, 60% for 5-6 years and 80% for 6-7 years. | ||
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