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inheritance tax 2007/2008
| Bands |
| Nil-rate band |
£0 - £300,000 |
| 40% |
£300,000 + |
| |
|
| Exemptions |
| Annual gifts
|
£3,000 |
| Small gifts
|
£250 |
| Marriage gifts: |
| - parent | £5,000 |
| - grandparent | £2,500 |
| - between parties | £2,500 |
| - other | £1,000 |
| |
|
| Transfers within seven
years of death
|
% of Death Tax Charge |
| 0 – 3 years |
100% |
| 3 – 4 |
80% |
| 4 – 5 |
60% |
| 5 – 6 |
40% |
| 6 – 7 |
20% |
| 7+ |
0% |
| |
|
| Chargeable Lifetime Transfers |
| 50% of death rate |
|
| |
|
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