Skip to main content

Written Parliamentary Question 12th July

Treasury: Inheritance Tax: Gifts and Endowments

Q:To ask the Chancellor of the Exchequer if he will increase the limit of the annual exemption from inheritance tax for gifts; and if he will make a statement.




A:Under the current inheritance tax rules, most gifts made more than seven years before death are not regarded as within the chargeable estate for tax purposes. Gifts made within this period are brought within the taxable estate; however they will only be subject to IHT where the taxable estate exceeds the nil-rate band of £300,000. Where gifts made within this period may be liable to IHT, there is an exemption of £3,000 each year; there are also various other gifts reliefs available. The Government keep all taxes under review.
Jane Kennedy (Financial Secretary, HM Treasury)

Comments

Popular posts from this blog

NHS reorganisation No 3,493,233

Followers of my blog will have seen the NHS question about how many reorganisations have we had. We've yet another. The number of PCTs (Primary Care Trusts) nationally is to halve. This means merging East and North. (and then probably HoB and south). It would be nice if people would stick with one structure. There is a quotation ( Which sadly does not appear to be a true quotation ) We trained hard . . . but it seemed that every time we were beginning to form up into teams we would be reorganized. I was to learn later in life that we tend to meet any new situation by reorganizing; and a wonderful method it can be for creating the illusion of progress while producing confusion, inefficiency, and demoralization. But has to have been originated by someone. The web link shown goes through the derivation which appears to be more linked to an anonymous British Soldier WW2 than any Roman or Greek General called by a name perming 2 out of (Gaius, Galus, Petronius and Arbiter). From the...