Capital & Wealth Taxes UK
This article provides a comprehensive gateway to the UK’s capital and wealth tax regime. It explains the main taxes levied on capital transactions and accumulated wealth, with a particular focus on Capital Gains Tax (CGT) and Inheritance Tax (IHT). Both taxes are of central importance to individuals, families, and business owners, affecting lifetime asset transfers, […]
Inheritance Tax UK: Thresholds, Reliefs & Planning
Inheritance Tax (IHT) is one of the most significant taxes affecting individuals, families and business owners when passing on wealth. It is charged on the value of a person’s estate at death and, in some cases, on certain lifetime gifts. Despite its impact, many people underestimate how IHT works, who pays it, and the opportunities […]
Capital Gains Tax UK: Rates, Reliefs & 60-Day Rules
Capital Gains Tax (CGT) is the tax you pay on any profit (the “gain”) arising from the sale or disposal of an asset that has increased in value. In the UK, Capital Gains Tax applies to a wide range of chargeable assets, including property, shares, business assets and certain personal possessions, and can be […]
Inheritance, Trusts & Estate Planning: UK Tax Guide
Effective estate planning can help ensure your wealth and assets are distributed according to your wishes while minimising tax liabilities and preventing potential legal disputes. Understanding the specific tax implications and legal requirements surrounding inheritance and trusts is essential to making informed decisions and optimising your estate plan. In this comprehensive guide, we take an […]
Capital Gains Allowances & Reliefs 2024
The amount of capital gains tax (CGT) you pay can be reduced by using available capital gains allowances and reliefs. What is chargeable to capital gains tax? Capital gains tax becomes payable when the disposal of certain categories of asset leads to a profit, otherwise known as a ‘gain’. It is this gain […]
UK Resident Receiving Inheritance From Abroad
If you have inherited money from overseas, you will need to check the tax position and whether there is a UK tax liability on the inheritance. The tax rules on receiving inheritance money from abroad can quickly become complex. In this guide, we look at when liability to UK tax on inheritance from abroad arises, […]
Downsizing Relief: Cut Inheritance Tax Bill
Downsizing relief can offer homeowners an effective way to lower inheritance tax (IHT) liability, by moving to a smaller home. In this guide, we look at what downsizing relief is, how it works and who can claim it. What is downsizing relief? Downsizing relief is a form of tax relief that can enable […]
What are UK Capital Gains Tax Rates?
How do you know which capital gains tax rate applies to you? There are four main considerations to bear in mind: What category of asset has been disposed of? Has the disposal led to a gain? What is the financial value of that gain? What is the personal tax position of the individual who made […]
What is Capital Gains Tax on a Buy to Let Property?
As with any form of income, buy to let property investment carries various tax implications, including that of capital gains tax. Buy to let property is generally seen as a medium to long term investment, building on the initial cost of purchase, legal fees and refurbishment to ideally enjoy regular rental income and eventually, a […]
Can You Avoid Inheritance Tax Legally?
Inheritance tax planning is critical to maximising the amount that can be passed on from your estate to your beneficiaries. In this guide, we look at whether it is possible to avoid, or at least reduce, inheritance tax so as to minimise the amount of IHT payable. What is inheritance tax? Inheritance tax […]
Buying a House with a Personal Injury Trust
If you’ve been awarded compensation for personal injury, you may want to invest this money in a home for your family. However, if that money is currently held in a personal injury trust, or is likely to be placed in trust, you will need to know how you can access those funds to help make […]
What is an Interest in Possession Trust?
Setting up a trust can be an ideal way to control and protect family assets, ensuring these assets are passed to future generations, while minimising liability to inheritance tax on death. However, there are various types of trusts to choose from, with different practical, legal and financial implications. The following guide on interest in possession […]
Why Now is the Best Time to Do Your Will & Estate Planning
Making sure that your assets – property, belongings and capital – are protected by your will and estate planning can become a complicated process when tackling the many and varied tax laws regarding the issue of inheritance, especially where your estate features a diverse portfolio of assets such as property, shares and savings. Whilst the […]
Private Residence Relief When Selling Your Home
In most cases, when a person disposes of an asset in the UK, including both residential or commercial property, they will be liable to pay tax on any capital gains made on that disposal. However, under the private residence relief rules, a qualifying homeowner can often avoid paying Capital Gains Tax altogether when selling their […]
Estate Planning & Wills: Where Should You Start?
While the prospect of passing away is an unwanted thought, it’s important to plan ahead, both to make the process of managing your estate easier for your loved ones, and to ensure your wishes are carried out. Anticipating things like how your care home costs will be covered and making financial provision for those that […]
Family Investment Company Pros & Cons
A family investment company can be an attractive approach to tax and succession planning. In this guide, we look at what family investment companies are, the tax advantages available, as well as how these companies work and are managed. We also look at the overall benefits and drawbacks of a family investment company to help […]
Potentially Exempt Transfers & IHT Gift Rules
Potentially exempt transfers, also known as PETs, can be an effective way of maximising the amount of money that a person can leave to loved ones tax-free after they die, helping to minimise any liability to Inheritance Tax that will fall due on a deceased’s estate. Below we look at what PETs are, how these […]
Residence Nil Rate Band Guide
When it comes to inheritance tax, the residence nil rate band can be one of the best ways to minimise the amount of tax payable and maximise the value of an estate on death. In this guide, we explain what the residence nil rate band is, how it works in practice, how an estate qualifies […]
Inheritance Tax Rates Guide
It is important to understand at least the basic rules relating to inheritance tax, including that the latest inheritance tax rates are and when the tax becomes payable. In this way, you can forward plan to help minimise any potential tax bill after you pass away, and maximise the value of your estate for your […]
How to Set Up a Family Trust
Setting up a family trust can be an effective way of controlling your personal assets during the course of your own lifetime and upon your death, ensuring that you have a say in exactly who benefits from your wealth. It can also be a good way of protecting and preserving that wealth for generations to […]