Inheritance Tax

		Chargeable transfers
Death rate %	Lifetime rate %	2007/08 £’000	2006/07 £’000
Nil	Nil	0 - 300	0 - 285
40	20	Over 300	Over 285


Reliefs			Marriage
Annual exemption	£3,000		- 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