Budget Summary 2011 Introduction Main Income Tax reliefs Income Tax rates and bands Car benefit assessment Tax-free mileage allowances National Insurance Contributions Pension Contributions Inheritance Tax Important annual limits Value Added Tax Capital Gains Tax Corporation Tax Main capital allowances Stamp Duty & Stamp Duty Land Tax Earliest due dates for payment of tax

Inheritance Tax Charges on or after 6th April 2009 Rates %   0 - £325,000 NIL Nil band frozen Above £325,000 40% until 2014/15   Lifetime chargeable transfers at half the death rate, ie 20%. Business property relief of 100% for all shareholdings in qualifying unquoted trading companies and for most unincorporated trading businesses; agricultural property relief at 100% for qualifying holdings of agricultural land. Annual exemption for lifetime gifts £3,000. Small gifts - annual amount per donee £250. Tapering relief applies to reduce the tax on transfers within 7 years of death. The reduction in tax is 20% for survivorship of 3-4 years, 40% for 4-5 years, 60% for 5-6 years and 80% for 6-7 years.