Inheritance Tax 2014/15

Death
rate
%

Lifetime
rate
%

Chargeable transfers
2014/15 and 2013/14
£’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