Soteria Article

Private Pensions and IHT

Frozen IHT tax thresholds and soaring property prices put more and more families at risk of hefty IHT bills. In fact, in the tax year 2021/2022 HMRC collected £6.1 billion in death duties, which equals £700 million or 13% more IHT than in the previous year. This makes it even more important that you organise…
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Imagine Retirement Starts Tomorrow

If you were asked how much money you would need to keep the lifestyle that you enjoy for the next year, how would you reply? Let’s change that a little and now ask yourself if you were going to write yourself one cheque and the money that you gave yourself had to last you for…
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£6.1 bn of Inheritance Tax collected by HMRC in 2021/22

In the 2021-22 financial year, taxpayers paid £700 million or 13% more IHT than in the previous year. A staggering increase, which was largely driven by rapidly increasing UK property prices and not helped by the recent freezing of the IHT thresholds until 2026. It’s these factors that make more and more families see the…
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Calculate Your Inheritance Tax – IHT Calculator

Inheritance tax (IHT) is paid on what you leave behind to your heirs, who could pay as much as 40% tax on what they inherit. Estimate the value of your estate and how much inheritance tax may be due on your estate when you die with our IHT calculator below. Related: What is an estate…
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What exactly is an estate?

Inheritance tax (IHT) is a tax applied to individual estates that are worth over £325,000 – or more if a home or the sale proceeds of a home are included when anybody with the UK sited assets passes away. The regular rate for IHT is 40% above the thresholds of £325,000 for a single person,…
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IHT mistake

The biggest IHT mitigation mistake you can make

Out of the 22,100 estates that paid inheritance tax in 2018/19, over 6,000 of them paid inheritance tax on proceeds of life insurance policies that the deceased owned. The value of those life insurance policies came to a total of £709 million, which means more than £280 million of inheritance tax may have been paid…
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Inheritance Tax Threshold and Rates

UK Inheritance Tax Thresholds & Rates

Inheritance Tax (IHT) is a tax paid on the estate of a deceased person. It has to be paid by the inheritors before they can access the assets. More and more estates in the United Kingdom meet the inheritance tax (IHT) threshold of £325,000, mainly due to rising property prices in the country. This makes…
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Frozen tax allowances and its impact on expat investors

The Treasury needs more money to cover the additional costs of the coronavirus pandemic – and it is going to do it by… raising taxes and freezing current tax allowances. These changes, which cover a range of consumer and personal taxes, will undoubtedly impact local and expat investors and those saving for their retirement the…
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Stamp Duty Land Tax Second Home

Stamp Duty Land Tax on the Second Home

If you’re purchasing a buy-to-let property or a second home in the UK, you’ll need to pay a stamp duty land tax surcharge. The stamp duty land tax (SDLT) surcharge on second homes is an additional 3% on top of the regular residential stamp duty rate you would pay. However, as is usual with taxes,…
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Taxes when selling property UK

Taxes when selling a property in the UK

Taxes associated with UK property ownership are plenty and can be quite complicated. Let’s take for example taxes you need to pay when you are selling your property in the UK. Do you need to pay any taxes, and if yes – which ones? There are two UK property taxes – capital gains tax and…
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