Inheritance Tax

Inheritance Tax:

    Chargeable Transfers
Death Rate Lifetime Rate 2017/18 2016/17
% % £'000 £'000
Nil Nil 0 - 325 0 - 325**
40 * 20 Over 325 Over 325
Reliefs        
Annual exemption £3,000 Marriage - parent £5000
Small gifts £250   - grandparent £2,500
      - bride/groom £2,500
      - other £1,000

* A reduced rate of 36% applies where 10% or more of the deceased's estate (after deducting nil rate bands and reliefs) is left to charity.

** From April 2017, a new additional nil rate band will be available to cover the family home. This will be phased in beginning at £100,000 per individual and increasing by £25,000 each year until it reaches £175,000.  Restriction applies to estates of £2 million or more.

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