Inheritance tax

2014-2015 2013-2014
Free of tax up to* £325,000 £325,000
Tax on excess** 40% 40%
Transfers to certain trusts 20% 20%
Overseas domiciled spouse exemption*** £325,000 £325,000
Annual gifts exemption £3,000 £3,000
Gifts to charities Exempt Exempt
Small gifts to same person £250 £250
Marriage/ civil partnership gifts by:    
Parent £5,000 £5,000
Grandparent / party to marriage / civil partnership
£2,500

£2,500
Other person £1,000 £1,000

*  Frozen at this level until April 2018.
**   A reduced rate of 36% applies where 10% or more of a net chargeable estate is left to charity.
*** Alternatively can elect to be treated as UK domiciled for IHT purposes.

Business Property Relief 2014-2015 2013-2014
A business or interest in a business (including a partnership share) 100% 100%
Transfers of unquoted shareholdings (including AIM shares) 100% 100%
Transfers out of a controlling shareholding in quoted companies, land or buildings, machinery or plant used in qualifying company or partnership 50% 50%

Reduced tax charge on gifts made within the seven years before death
Years before death 0-3 3-4 4-5 5-6 6-7
% of inheritance tax payable 100% 80% 60% 40% 20%

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Download our 2014 - 2015 Tax Rate card

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