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Tax on lifetime gifts and on death

£3,000 annual exemption.

Generally, inheritance tax is due on death at a rate of 40 per cent of the chargeable estate if the inheritance threshold is exceeded. The current nil rate band threshold for inheritance tax is £325,000. Any unused nil rate band from the first death may be transferred to the surviving spouse.

Gifts or transfers made within seven years of death are also added back into the estate and are liable to inheritance tax subject to a tapered reduction for tax on transfers between years three and seven.

Planning pointers
You have worked hard to create your wealth - now make sure you do all you can to minimise any payments that may be due for inheritance tax. There are many opportunities to plan and the key is to plan well and ahead. Firstly, estate planning should start early in life. But, it is never too late to start.

Next, do you have an up-to-date Will - one that reflects your wishes? Are you taking advantage of the available exemptions such as the annual £3,000 exemption, gifts out of income, and gifts on marriage?

If you have any questions or queries relating to this, get in touch.

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  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  We have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    GP Partner
    GP Practice, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner

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