Inheritance Tax
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Charges on or after 6th April 2009
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Rates %
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0 - £325,000
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NIL
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Nil band frozen
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Above £325,000
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40%
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until 2014/15
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Lifetime chargeable transfers at half the death rate, ie 20%.
Business property relief of 100% for all shareholdings in qualifying unquoted trading companies and for most unincorporated trading businesses; agricultural property relief at 100% for qualifying holdings of agricultural land.
Annual exemption for lifetime gifts £3,000.
Small gifts - annual amount per donee £250.
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Tapering relief applies to reduce the tax on transfers within 7 years of death. The reduction in tax is 20% for suvivorship of 3-4 years, 40% for 4-5 years, 60% for 5-6 years and 80% for 6-7 years.
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