Inheritance Tax

	2000-01	99-00
Nil-rate band	£234,000	£231,000
Rate of tax on excess	40%	40%
Lifetime transfers to and from certain trusts	20%	20%
Overseas domiciled spouse exemption	£55,000	£55,000
Relief for businesses, unlisted and AIM companies, owner-occupied farmland and tenancies, certain let farmland	100%	100%
Relief for certain other business assets	50%	50%

Reduced tax charge on gifts within 7 years of death
Years before death:	0-3	3-4	4-5	5-6	6-7
% of death tax charge:	100%	80%	60%	40%	20%
Annual exempt gifts:	£3,000 per donor, £250 per donee
Further gifts may be received free at time of marriage

March 2000 Subject to Finance Act 2000