| Personal Relief | 2011-2012 | 2010-2011 | ||||
|---|---|---|---|---|---|---|
| Free of tax up to* | £325,000 | £325,000 | ||||
| Tax on excess | 40% | 40% | ||||
| Transfers to certain trusts | 20% | 20% | ||||
| Overseas domiciled spouse exemption | £55,000 | £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 | ||||
* Frozen at this level until 2014-15
| Business Property Relief | ||
| A business or interest in a business (including a partnership share) | 100% | 100% |
| Transfers of unquoted shareholdings (including AIM shares) | 100% | 100% |
| Transfers out of a controlling shareholding in quoted companies, land or buildings, machinery or plant used in qualifying company or partnership | 50% | 50% |
| Reduced tax charge on gifts made within 7 years before death | |||||
| Years before death | 0-3 | 3-4 | 4-5 | 5-6 | 6-7 |
| % of inheritance tax payable | 100% | 80% | 60% | 40% | 20% |
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