Budget 2004

Grant Thornton


Personal Taxation

Grant Thornton

Inheritance Tax

Transfers on death

Cumulative transfers
From 6 April 2004
From 6 April 2003
Rate
£
£
%
1-263,000
1-255,000
nil
over 263,000
over 255,000
40

Transfers within seven years of death

Years
% of charge at death
0-3
100
3-4
80
4-5
60
5-6
40
6-7
20

Other chargeable lifetime transfers

50% of death rate

Main exemptions and reliefs

 
£
Annual gifts per donor*
3,000
Small gifts per donee
250
Gifts in consideration of marriage
  parent
5,000
  grandparent or other direct lineal ancestor
2,500
  between the parties to the marriage
2,500
  other
1,000

Business property relief 50% or 100%
Agricultural property relief 50% or 100%

* May be carried forward 1 tax year and used only after subsequent year exemption applied
Detailed conditions apply

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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