|
|
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
|
|
