Are you familiar with estate planning? Whether this term is new to you or something that’s on your radar already, the reality is that it’s an important concept for anyone, especially if you have young children and other loved ones, as well as assets of a reasonable value. Creating an estate plan doesn’t have to…
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When an individual passes away unexpectedly without a valid Will, their possessions and overall estate becomes subject to a set of rules known as the “rules of intestacy”. While these rules are set with logic to ensure the closest family members receive the bulk of the estate, it may not reflect one’s actual wishes. So,…
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It’s no secret that the inheritance tax threshold hasn’t been changed in years, ultimately leaving ordinary families with a large tax to pay. But what you may not know is that this number is only going up – and fast. More families fall into the Inheritance Tax net HMRC data shows that an increasing number…
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UK wealth taxes are taxes levied on the value of an individual’s assets. This includes property, savings, and investments. They are designed to prevent large concentrations of wealth from being passed down through generations, but also to fund public services such as healthcare and education. These taxes can be controversial because it can be difficult…
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The United Kingdom is a country with many different types of taxes, most of which are high when compared to other countries. The ones that affect property owners the most are income tax, capital gains tax, and Stamp Duty Land Tax. A 2019 Tax Foundation report found that property taxes accounted for 12.4% of total…
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Life often throws us the unexpected, and they don’t come much bigger than the breakdown of a marital relationship. There’s no such thing as an easy divorce, even when things are reasonably amicable to start with. Once the lawyers get their teeth into it, things can get challenging, often emotional and almost always expensive. For…
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The UK’s standard Inheritance Tax (IHT) rate is 40%. IHT must be paid by the executor on the net worth of the deceased person’s estate above the tax-free threshold of £325,000 per single person or £650,000 per couple. However, paying Inheritance tax is not always a straightforward matter, particularly if the amount due is more…
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A complete estate plan not only takes into account your belongings and property but also your relatives and loved ones. By planning ahead, you can minimize future stress on those closest and help ensure your wishes are carried out. An estate planning checklist will remind you of the decisions you’ll need to make when implementing…
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This article will explore and inform about how the UK tax system works for non-nationals looking to move to the UK to live and work or are eying to invest there. In particular, we will look into tax and estate planning for those considering emigrating to the United Kingdom and becoming UK residents, and any…
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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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