Inheritance Tax

		Chargeable Transfers
Death Rate %	Lifetime Rate %	2005/06 £’000	2004/05 £’000
Nil	Nil	0 - 275	0 - 263
40	20	Over 275	Over 263


Reliefs
Annual exemption	£3,000	Marriage	- parent	£5,000
Small gifts	£250		- grandparent	£2,500
			- bride/groom	£2,500
			- other	£1,000


Reduced charge on gifts within seven years of death
Years before death	0-3	3-4	4-5	5-6	6-7
% of death charge	100	80	60	40	20