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Capital Acquisitions

 

 

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Portion of taxable value of benefits

Inheritance Tax %

Gift Tax %

Benefits taken from 1st December 1999 onwards

 

 

The threshold amount

Nil

Nil

The balance 1/12/99 to 19/11/08

20

20

The balance 20/11/08 to 07/04/09

22

22

The balance 08/04/09 onwards

25

25

Notes

1. The rates of inheritance tax and gift tax are applied by reference to the aggregate of all taxable inheritances and taxable gifts taken after 5th December 1991 by the beneficiary being taxed. Inheritances or gifts taken before 5th December 1991 are not aggregated in relation to inheritances or gifts taken on or after that date.

2. Tax rates were considerably higher for benefits taken prior to 1st December 1999 and differed between gifts and inheritances.

3. For the purpose of Gift and Inheritance Tax, the relationship between the person who provided the gift or inheritance (i.e. the donor) and the person who received the gift or inheritance (i.e. the beneficiary), determines the maximum tax free threshold - known as the "group threshold". There are three Group thresholds as illustrated below: :

Relationship to donor

Gift or inheritance in

.

2007

2008

2009

1/1 to 7/4

2009

8/4 to 31/12

2010

Child or minor child of decreased child or a parent receiving a bequest on the child's death

496,824

521,208

542,544

434,000

     414,799     

Lineal ancestor (other than a parent as noted above), lineal descendant (other than a child or minor child of a decreased child) , brother, sister, child of brother or sister

49,682

52,121

54,254

43,400

 41,481

Any other person

24,841

26,060

27,127

21,700

 20,740

 

 

 

 

 

 

 

 

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