Inheritance Tax Flashcards
1
Q
Nil rate band
A
£325,000
2
Q
Residence nil rate band
A
£175,000
3
Q
Excess death rate
A
40%
4
Q
Excess lifetime rate
A
20%
5
Q
Taper relief over 3 but less than 4 years
A
Percentage reduction 20%
6
Q
Taper relief over 4 but less than 5 years
A
Percentage reduction 40%
7
Q
Taper relief over 5 but less than 6 years
A
Percentage reduction 60%
8
Q
Taper relief over 6 but less than 7 years
A
Percentage reduction 80%
