Inheritance tax Flashcards
1
Q
Nil rate band
A
£325,000
2
Q
Chargeable Life Transfers
A
Transfers to trusts
20% of transfer during life
40% at death if within 7 years of transfer
3
Q
Potentially Exempt Transfers
A
Transfers to other individuals
No life tax
40% at death if within 7 years of transfer
4
Q
Exemptions only available during life
A
Annual - £3k (1 year carry forward)
Small gifts - £250
Marriage gifts - £5k, £2.5k, £1k
5
Q
Exemptions available during life or upon death
A
Transfers to spi
