Excemptions in respect of lifetime gifts
1. Annual exemption (£3,000 limit after the first tax year).
2. Small gifts (presently £250.00 per donee - no maximum limit on number of gifts here but cannot link with Annual Exemption).
3. Gifts that are part of normal regular giving out of annual taxed income.
4. Payment for the maintenance of certain members of the family
Certain gifts with no benefit reserved would be potentially exempt transfers. They become exempt if the donor survives seven years. They must be made to an individual or particular types of trust. Please call us for further details.
Reliefs
Assets in your estate that are broadly interests in a trading partnership or shares in a trading company that is not quoted on the Stock Exchange are currently relieved from inheritance tax in full. Other business assets benefit from relief at a rate of 50%.
Land or buildings that you own and are occupied for agricultural purposes may also benefit from relief from inheritance tax either in full or in part.Please contact us for further details.