|
Budget 2006
Inheritance
Tax
| Charges on or after 6th April 2006 |
Rates % |
Charges between 6th April 2005 and 5th April
2006 |
| 0 - £285,000 |
NIL |
0 - £275,000 |
| Above £285,000 |
40% |
Above £275,000 |
| |
Lifetime chargeable transfers at half the death
rate, ie 20%.
Business property relief of 100% for all shareholdings in
qualifying unquoted trading companies and for most
unincorporated trading businesses; agricultural property relief
at 100% for qualifying holdings of agricultural land.
Annual exemption for lifetime gifts £3,000.
Small gifts - annual amount per donee £250. |
| |
| Reduced tax charge on transfers
within 7 years of death |
| Years before death |
Percentage of death rates |
| 0 - 3 |
100% |
| 3 - 4 |
80% |
| 4 - 5 |
60% |
| 5 - 6 |
40% |
| 6 - 7 |
20% |
| Over 7 |
NIL |
Introduction
Main Income Tax
reliefs
Income Tax Rates and
bands
Car Benefit
Assessment
Tax Free Mileage
Allowances
National Insurance
Contributions
Pension
Contributions
Inheritance Tax
Value Added Tax
Capital Gains Tax
Corporation Tax
Main capital
allowances
Stamp Duty &
Stamp Duty Land Tax
Earliest due dates
for payment of tax
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