P269 CEEFAX 269 Thu 14 Oct 21:12/21 1/3 O TAX GUIDE INHERJTBNCE TAX IHT is charged on certain lifetime gifts, on the wealth of the estate at death and on some trust deals. Tax is paid by the donor when the exemption threshold is reached. For year to 5 April: 1993 1994 RATE To £150,000 To £150,000 0% Over £150,000 Over £150,000 40% Tapering relief for charges on gifts within seven years of death: Years 0-3 3-4 4-5 5-6 6-7 % payable 1p0 80 60 40 20 Source: Blay's Guides Economy Savings Mortgages CityHeadsP269 CEEFAX 269 Thu 14 Oct 21:22/25 2/3 TAX GUIDE I EXJMPTJONS FROM INHERITANCE TAX 1992/3 1993/4 Gift per donor pa £3,000 £3,000 Gifts per donje £250 £250 Marriage Gifts: from parent £5,000 £5,000 from grandparent £2,500 £2,500 from other £1,000 £1,000 Gifts to individuals and certain trusts over 7 years before death. No IHT is payable on transfers to a surviving spouse. Source: Blay's Guides Economy Savings Mortgages CityHeadsP269 CEEFAX 269 Thu 14 Oct 21:14/39 3/3 TAX GUIDE I OTHER TAXES Value Added Tax - standard rate 17.5% Stamp Duty - shares 0.5% - land transfers (£60,000 or more) 1.0% Vehicle Licence - 12 months £125.00 Television Licence - colour £83.00 - black and white £27.50 Economy Savings Mortgages CityHeads