Appletons Accountants logo

Chartered Accountants of Poynton, Cheshire

Skip Navigation

Keep your income below the age allowance limit

There are many ways to save tax - all of them perfectly legal.

For example, if you are over 65, keep your income below the £18,900 limit  - at that limit the higher allowances are scaled back.

Call us at Appletons Accountants and we'll tell you more!

Pay less tax - Create a tax shelter investment

There are many ways to save tax - all of them perfectly legal.

Did you know that....

Tax can be effectively deferred by investment in Enterprise Investment Scheme shares, Venture Capital Trust shares (both subject to limits), or in film finance partnerships?

Call us at Appletons Accountants and we'll tell you more!

Click here for more tips...
Home > Individuals & Families > Inheritance > Inheritance Tax

Inheritance Tax

  2008-09 2007-08
Standard threshold £312,000 £300,000
Combined threshold maximum £624,000 £600,000
for married couples and civil partners    
Rate of tax on balance:    
Chargeable lifetime transfer 20% 20%
Transfers on, or within 7 years of, death 40% 40%


All lifetime transfers not covered by exemptions and made within 7 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                  0-3     3-4     4-5     5-6    6-7

Tax reduced by                       0%      20%     40%     60%     80%

Years before death 0-3 3-4 4-5 5-6 6-7
Tax reduced by 0% 20% 40% 60% 80%

 

Main Exemptions

  1. Most transfers between spouses and civil partners
  2. The first £3,000 of lifetime transfers in any tax year plus any unused balance from the previous year
  3. Gifts of up to but not exceeding £250 p.a. to any number of persons
  4. Gifts made out of income that form part of normal expenditure and do not reduce the standard of living
  5. Gifts in consideration of marriage/civil partnership of up to £5,000 by a parent, £2,500 by a grandparent, or £1,000 by any other person
  6. Gifts to charities, whether made during lifetime or on death

 

 

PLEASE NOTE: The information contained on this page and other pages in this website is for general guidance only.
No responsibility is token for action taken or refrained from in consequence of the contents of this website.


 
Whilst all due care and attention is taken in preparing the articles which appear on this website, no liability can be accepted for any of its contents. It is designed to be of a general nature, and no action should be taken without our specific help tailored to your unique circumstances.
Please contact Appletons Accountants to ensure you get appropriate advice based upon your own financial situation.