Inheritance Tax

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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Click here to download our 2011 - 2012 Tax Rate card

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