Inheritance tax (IHT)
unlimited
| 2000/2001
1999/2000 1-234,000 pounds 1-231,000 pounds over 234,000 pounds over 231,000 pounds
Lifetime Gifts Where gift within 7 years of death, tax at death rates becomes payable, reduced as follows and credit given for tax paid on lifetime gift: 0-3 3-4 4-5 5-6 6-7 0% 20% 40% 60% 80% Resources & WhitepapersAccounting Software The power of customisation in accounting systems
Main Exemptions unlimited 55,000 pounds 250 pounds
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| Charities and Political Parties |
Business and Agricultural Relief
Interest in a business, farms or shares held for more than 2 years in qualifying unlisted companies: 100%
Assets or trust property used by qualifying company or business, farmland (if let before 1.9.95), or controlling holding in listed company: 50%
Payment date – 6 months after death/chargeable transfer, or for lifetime gifts made 6 April to 30 Sept, due 30 April in following year.