Budget 2003

 
Introduction
Personal Income Tax
National Insurance 2003/04
Pensioners
Employees
Savings
Capitals Gains Tax
Stamp Duty
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance
 
   




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.



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