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This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.
Inheritance Tax 2017-05-19T12:11:59+00:00

Inheritance Tax

Sole Additional
Standard threshold £325,000 £325,000
Combined threshold maximum for married couples and civil partners £650,000 £650,000
Rate of tax on balance:
  Chargeable lifetime transfers 20% 20%
Transfers on, or within 7 years of, death *40% *40%
* A lower rate of 36% applies where 10% or more of a deceased person’s net estate is left to charity

Additional nil rate band to be introduced from 2017/18 which applies when a certain property is passed to a direct descendant.

Any unused nil-rate band may be transferred to the deceased’s spouse or civil partner.

All lifetime transfers not covered by exemptions and made within seven years of death will be added back into the estate for the purpose of calculating the tax payable. Tax attributable to such transfers is then subject to Taper Relief:

Years before death 0-3 3-4 4-5 5-6 6-7
Tax reduced by 0% 20% 40% 60% 80%
Main Reliefs
Business property:
– business or interest therein 100%
– qualifying shareholdings in unquoted* companies 100%
– land, buildings, machinery, or plant used by transferor’s controlled company or partnership 50%
Agricultural property 100% or 50%

*Unquoted companies include those listed on AIM and ISDX

Main exemptions

  • Most transfers between UK domiciled spouses and civil partners.
  • 2. The first £3,000 of lifetime transfers in any tax year plus any unused balance from previous year.
  • Gifts of up to but not exceeding £250 p.a. to any number of persons.
  • Gifts in consideration of marriage or civil partnership of: up to £5,000 by a parent, up to £2,500 by a grandparent or great grandparent, or up to £1,000 by any other person.
  • Gifts made out of income that form part of normal expenditure and do not reduce the standard of living.
  • Gifts to charities, whether made during lifetime or on death.