Inheritance Tax

Death rate
%

Lifetime rate
%

Chargeable transfers
6 April 2014 to 5 April 2016

Nil Nil 0 - 325,000*
40 20 Over 325,000*

*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.

Reliefs

Annual exemptions £3000 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
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