2012/13 | 2013/14 | |
---|---|---|
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 Transfers on, or within 7 years of, death | 20% *40% | 20% *40% |
* A lower rate of 36% applies where 10% or more of a deceased person's net estate is left to charity |
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 | 50% or 100% |
*Unquoted companies include those listed on AIM |
Main Exemptions
Chartered Accountants Registered Auditors
Registered as auditors by the Association of Chartered Certified Accountants and regulated
for a range of investment business activities by the Institute of Chartered Accountants in Ireland