|Threshold (Nil Rate Band)||325,000||325,000|
|Rates of Inheritance Tax|
|Up to NRB||0%||0%|
|Chargeable lifetime gifts where in excess of the NRB||20%||20%|
|On death where in excess of the NRB||40%||40%|
|Total annual gifts (for each donor)*||3,000||3,000|
|Small gifts (for each donee)||250||250|
|Gifts made from surplus income||Unlimited||Unlimited|
|In consideration of marriage|
|Gift by a parent||5,000||5,000|
|Gift by a grandparent||2,500||2,500|
|Gift by any other person||1,000||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|
Do you know which incomes are taxable or completely exempt of tax? Which once received (by the tax payer) gross or net? Where it is:
Sign up with Accountica Services in Aprilཊ and you will receive 25% off selected Tax & Accountancy Services when you pay upfront.
Open and friendly approach - If you are looking to appoint or change accountants then we would love to discuss this with you.