|
Page 16 of 31
Budget 2004
Personal Taxation
Inheritance Tax
Transfers on death
|
Cumulative transfers
|
|
From 6 April 2004
|
From 6 April 2003
|
Rate
|
|
£
|
£
|
%
|
|
1-263,000
|
1-255,000
|
nil
|
|
over 263,000
|
over 255,000
|
40
|
Transfers within seven years of death
| Years |
% of charge at death
|
| 0-3 |
100
|
| 3-4 |
80
|
| 4-5 |
60
|
| 5-6 |
40
|
| 6-7 |
20
|
Other chargeable lifetime transfers
50% of death rate
Main exemptions and reliefs
| |
£
|
| Annual gifts per donor* |
3,000
|
| Small gifts per donee |
250
|
| Gifts in consideration of marriage |
| parent |
5,000
|
| grandparent or other direct lineal ancestor |
2,500
|
| between the parties to the marriage |
2,500
|
| other |
1,000
|
Business property relief 50% or 100%†
Agricultural property relief 50% or 100%†
|
Business Advice