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Inheritance Tax

Inheritance Tax

 

2010/11
£

2011/12
£

2012/13
£

Nil rate band (NRB)

325,000

325,000

325,000

IHT rates

Up to NRB

0%

0%

0%

 

Chargeable lifetime gifts in excess of NRB

20%

20%

20%

 

On death in excess of NRB

40%

40%

40%*

Exemtpions

Total annual gifts
(for each donor)

3,000

3,000

3,000

 

Small gifts (for each donee)

250

250

250

 

Gifts made from surplus income

Unlimited

Unlimited

Unlimited

In consideration of marriage

Gift by a parent

5,000

5,000

5,000

 

Gift by a grandparent

2,500

2,500

2,500

 

Gift by any other person

1,000

1,000

1,000

*For deaths occurring on or after 6 April 2012, a reduced rate of IHT will apply where 10% or more of a deceased's net estate is left to charity. The rate will reduce from 40% to 36%.

Nil rate band will be increased to £329,000 from 2015/16.

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