Deductions
There are deductions for:
- all assets left to a UK-registered charity.
- some political donations to major political parties.
- gifts of up to £3,000 in total in a given year.
- "small gifts" of up to £250 made to separate individuals.
- some business assets (under Business Property Relief or "BPR").
- some farmland (under Agricultural Property Relief or "APR").
- gifts made out of income that do not affect the standard of living of the donor.
- gifts made in contemplation of a marriage or civil partnership. The allowance ranges from £5,000 to £1,000 according to the closeness of the relationship of the donor to the person marrying or entering into a civil partnership. £5,000 for close family, e.g. wife and children, £2,500 for grand children, £1,000 for anybody else.
Read more about this topic: Inheritance Tax (United Kingdom)
Famous quotes containing the word deductions:
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