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    Inheritance Tax

  • Go to ...
  • inheritance tax threshold
  • reliefs
  • reduced charge on gifts ...
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    Inheritance Tax Threshold
      2016-17 2015-16
    Amount Rate Amount Rate
    Death Rate Up to £325,000 Nil Up to £325,000 Nil
    Over £325,000 40% Over £325,000 40%
    Lifetime Rate Over £325,000 20% Over £325,000 20%

    Notes

    1. Unused nil rate band is transferable to spouse or civil partner.
    2. 40% band rate is reduced to 36% where 10% or more of the net estate is left to charity.
    3. Chargeable lifetime transfers are initially charged at 20%.

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    Reliefs
      2016-17 2015-16
    Annual exemption £3,000 £3,000
    Small gifts £250 £250
    Marriage Parent £5,000 £5,000
    Grandparent £2,500 £2,500
    Bride / Groom £2,500 £2,500
    Other £1,000 £1,000

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    Reduced charge on gifts
    within seven years of death
    Years before death % of death charge
    0-3 100%
    3-4 80%
    4-5 60%
    5-6 40%
    6-7 20%

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    Click Here to download the abacus Tax Tables pdf booklet

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