|
Inheritance Tax
The Inheritance Tax threshold is increased from 6 April 2003 to
£255,000 (2002/03: £250,000). It is estimated that
only about 5% of deceased's estates have to pay the tax
(which is an increase of 1% from last year).
The rates of tax remain unchanged at 40% for transfers on death
and within three years of death, and a tapered rate for transfers
over three and less than seven years before death. The rate for
transfers which are chargeable during lifetime remains 20%.
In spite of regular predictions from professionals that the Chancellor
will one day tighten up the IHT rules, there were yet again no significant
changes to the tax.
|
|