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Tax Tables

Inheritance Tax

2011/12 (£)

2010/11 (£)

Threshold (Nil Rate Band)

*325,000

325,000

Rates of Inheritance Tax

Up to NRB

Chargeable lifetime gifts where in excess of the NRB

20%

On death where in excess of the NRB

40%

Exemptions

Total annual gifts (for each donor)*

3,000

Small gifts (for each donee)

250

Gifts made from surplus income

Unlimited

In consideration of marriage

Gift by a parent

5,000

Gift by a grandparent

2,500

Gift by any other person

1,000

Gifts made to individuals and certain types of trust are potentially exempt, provided the donor survives for seven years. If they die within that period taper relief (below) is available if the gift is taxable.

Complete years

% charged to IHT

100%

80%

60%

40%

20%

* Frozen until 2014/15

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