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Inheritance tax	2009-2010			2008-2009
Personal Relief Free of tax up to* Tax on excess Transfers to certain trusts Overseas domiciled spouse exemption	£325,000 40% 20% £55,000			£312,000 40% 20% £55,000
Annual gifts exemption	£3,000			£3,000
Gifts to charities	Exempt			Exempt
Small gifts to same person	£250			£250
Marriage/ civil partnership gifts by:
Parent Grandparent / party to marriage / civil partnership Other person	£5,000 £2,500 £1,000			£5,000 £2,500 £1,000
* From 09.10.07 a claim may be made for deceased spouse/civil partner’s unused nil rate band. Business Property Relief A business or interest in a business (including a partnership share) Transfers of unquoted shareholdings(including AIM shares) Transfers out of a controlling shareholding in fully quoted companies, land or buildings, machinery or plant used in qualyfying company or partnership	100% 100% 50%			100% 100% 50%
Reduced tax charge on gifts within 7 years of death Years before death	0-3	3-4	4-5		5-6	6-7
% of inheritance tax payable	100%	80%	60%		40%	20%