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INHERITANCE TAX FOR 2008/2009

12th MARCH 2008 BUDGET PROPOSALS
AND CHANGES FOR 2007/2008 previously announced
(Subject to details in the Finance Bill)
Ellis Atkins have taken all due care in the presentation of these notes. No responsibility for loss occasioned to any person or company acting or refraining from action as a result of any material in these notes can be accepted by Ellis Atkins, its partners or staff. Please contact us or your own professional advisor for advice specific to your circumstances.

8.1 The starting point for Inheritance Tax increases from £300,000 to £312,000 from 6th April 2008.  There will be a further increase to £325,000 from 6th April 2009.

8.2 The single rate on death of 40% is unchanged.

8.3 For married couples and civil partners, where the second death occurs from 9th October 2007, up to two nil rate bands, both at the amount applying on the date of the second death (£312,000 from 6th April 2008), are available to the estate.