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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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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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 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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With the ever-changing rules surrounding inheritance tax, you may feel confused as to how you can actually prepare for what some people call the ‘death tax.’ With news such as Chancellor’s Rishi Sunak plans to increase inheritance tax to offset the cost of the Covid-19 pandemic on the UK’s economy, combined with rising UK house…
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Have you taken the time to consider what will happen to your assets and belongings after you pass away, or if you become incapacitated? This question is crucial to ask and address, despite not being pleasant to think about. With so many things in life being unknown, financial advisers recommend starting estate planning as early…
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The topic of Succession Planning often requires some careful consideration and balance. Most people have ideas about what they want for the next generations but don’t see why they should plan ahead. Procrastination and the influence of opinions from others are the two biggest reasons used as a reason not to address this sometimes difficult…
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