Combined threshold maximum for married couples and civil partners
Rate of tax on balance:
Chargeable lifetime transfers
Transfers on, or within 7 years of, death
All lifetime transfers not covered by exemptions and made within seven years of death will be added back into the estate for the purpose of calculating the tax payable. Tax attributable to such transfers is then reduced:
Years before death
Tax reduced by
- business or interest therein
- qualifying shareholdings in unquoted* companies
- land, buildings, machinery, or plant used by transferor's controlled company or partnership
50% or 100%
*Unquoted companies include those listed on AIM
Most transfers between spouses and civil partners.
The first £3,000 of lifetime transfers in any tax year plus any unused balance from previous year.
Gifts of up to but not exceeding £250 p.a. to any number of persons.
Gifts in consideration of marriage or civil partnership of: up to £5,000 by a parent, up to £2,500 by a grandparent, or up to £1,000 by any other person.
Gifts made out of income that form part of normal expenditure and do not reduce the standard of living.
Gifts to charities, whether made during lifetime or on death.
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Based in Stockport, near Manchester, we represent the friendly face of tax. Over the last 20 years, we have grown to become one of the UK`s leading independent tax and accountancy specialists.
Address: Mellor House, 65-81 St Petersgate, Stockport, SK1 1DS.