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CIS Registration

Inheritance Tax

2014/15
£
2013/14
£
Threshold (Nil Rate Band)325,000325,000
Rates of Inheritance Tax
Up to NRB0%0%
Chargeable lifetime gifts where in excess of the NRB20%20%
On death where in excess of the NRB40%40%
Exemptions
Total annual gifts (for each donor)*3,0003,000
Small gifts (for each donee)250250
Gifts made from surplus incomeUnlimitedUnlimited
In consideration of marriage
Gift by a parent5,0005,000
Gift by a grandparent2,5002,500
Gift by any other person1,0001,000

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
0100%
1100%
2100%
380%
460%
540%
620%
70%
* Frozen until 2014/15

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