Budget 2011 Inheritance Tax 2012

Budget 2011 Inheritance Tax in 2012 - 2015

Inheritance Tax 2011

• The IHT nil rate band remains frozen at £325,000 until April 2015. 

• For deaths which occur on or after 6th April 2012, a reduced rate of IHT will apply where a deceased leaves 10% or more of his/her net estate to charity.  The net estate here is that remaining after deductions of IHT exemptions, relief and the nil rate band.  
  
• The usual inheritance tax rate of 40% rate will be reduced by 10% to 36%.
• Reducing the rate of IHT by 10% for those who leave 10% or more of their net estate to charity will reduce the cost of giving to charity through bequests.
  

• From2015/16 the consumer prices index will be used as the default indexation assumption.
  

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