Inheritance Tax

Death Rate
%

Lifetime Rate
%

Chargeable transfers

2012/13 and 2011/12
£'000

Nil

Nil

0 – 325*

40

20

Over 325*

*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.

Reliefs

Annual Exemption

£3,000

Marriage

 Parent

£5,000

Small Gifts

£250

 Grandparent

£2,500

Bride/Groom

£2,500

Other

£1,000

Reduced Charge on Gifts Within Seven Years of Death

Years Before Death

0-3

3-4

4-5

5-6

6-7

% of Death Charge

100

80

60

40

20