Inheritance Tax: Rates
On death
Value of estate 1999/2000 (£)
Value of estate 2000/2001 (£)
Nil
1-231,000
1-234,000
40%
231,001+
234,001+

 

Inheritance Tax: Lifetime Transfers
Inheritance Tax is not chargeable on most lifetime transfers. Certain gifts including those into and out of some trusts are liable to tax at half the death rates. Gifts on or within 7 years of death are charged at tax at the death rate - subject to reductions as follows:-
Years between gift and death
% of full charge at death rates chargeable
0-3
100
3-4
80
4-5
60
5-6
40
6-7
20

 

 

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