Budget 2007 Introduction Main Income Tax reliefs Income Tax Rates and bands Car Benefit Assessment Tax Free Mileage Allowances National Insurance Contributions Pension Contributions Inheritance Tax 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 2007 Rates % Charges between 6th April 2006 and 5th April 2007 0 - £300,000 NIL 0 - £285,000 Above £300,000 40% Above £285,000   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.   Reduced tax charge on transfers within 7 years of death Years before death Percentage of death rates 0 - 3 100% 3 - 4 80% 4 - 5 60% 5 - 6 40% 6 - 7 20% Over 7 NIL