index
Tax tables 2007-08
Inheritance Tax
| |
2007/08 |
2006/07 |
| Nil-rate band |
£300,000 |
£285,000 |
| Rate of tax on excess |
40% |
40% |
| Lifetime transfers to and from certain trusts |
20% |
20% |
| Overseas domiciled spouse exemption |
£55,000 |
£55,000 |
| 100% relief: |
for businesses, unlisted/AIM companies, and farmland/buildings |
|
|
| 50% relief: |
for certain other business assets used by qualifying businesses |
|
|
| Reduced tax charge on gifts within 7 years of death |
| Years before death |
0-3 |
3-4 |
4-5 |
5-6 |
6-7 |
| % of death tax charge |
100 |
80 |
60 |
40 |
20 |
| Annual exempt gifts |
£3,000 per donor, £250 per donee |
© Copyright 21 March 2007, subject to Finance Act 2007. For information only. Always seek professional advice before acting.
