Taxation: Inheritance Tax

House of Lords written question – answered on 20th May 2008.

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Photo of Lord Marlesford Lord Marlesford Conservative

asked Her Majesty's Government:

When the annual gift level of £250 per donee for inheritance tax was first set; and at what level it would now be if it had been uprated in line with inflation.

Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

The exemption from inheritance tax of gifts of up to £250 to any one person was set at this amount at 6 April 1980. If this figure had been uprated in line with the retail prices index it would currently stand at £900.

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