Tax Rates & Allowances 2016/17

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Inheritance Tax

Death rate	Lifetime rate	Chargeable transfers 2016/17 and 2015/16
Nil	Nil	0 - £325,000*
40%	20%	Over £325,000*

*Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007.

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

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