tax table
inheritance tax and allowances
| Tax rates on cumulative gross transfers | % rate |
|---|---|
| Gross transfers on death over cumulative chargeable transfer limit | 40 |
| Gross lifetime transfers over cumulative chargeable transfer limit | 20 |
| Period | Limit £ |
|---|---|
| 2007/2008 | £300,000 |
| 2006/2007 | 285,000 |
| 2005/2006 | 275,000 |
| 2004/2005 | 263,000 |
| 2003/2004 | 255,000 |
| 2002/2003 | 250,000 |
| 2001/2002 | 242,000 |
| 2000/2001 | 234,000 |
| 1999/2000 | 231,000 |
| 1998/1999 | 223,000 |
| 1997/1998 | 215,000 |
| 1996/1997 | 200,000 |
| 1995/1996 | 154,000 |
| 10.3.1992 – 5.4.1995 | 150,000 |
| 6.4.1991 – 9.3.1992 | 140,000 |
| 1990/1991 | 128,000 |
| 1989/1990 | 118,000 |
Exemptions
| Description | Allowance |
|---|---|
| Annual Exemption | £3,000 |
| Small Gifts Exemption | £250 |
| Gifts to charities or political parties | Exempt |
| Marriage Gifts - Parent - Remoter Ancestor - Party to Marriage - Other Person |
£5,000 £2,500 £2,500 £1,000 |
| Business Property Relief (Dependant on asset) | 100% or 50% |
| Agricultural Property Relief (Dependant on asset) | 100% or 50% |
23 - the age at
which
Isaac Newton
"discovered"
gravity
