Soteria Article

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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Transferring property QNUPS

Transferring / Purchasing Residential Property in QNUPS Pension

If you are reading this, it probably means you already know what a QNUPS is. You may also know that its uniqueness lies in the ability to hold residential investment properties within the pension, where they will grow free of capital gains tax. However, transferring an existing property into, or purchasing a new property from…
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Selling property held in QNUPS

There are many advantages to putting an investment into QNUPS, one of which is to have the option to also transfer their investment property to the pension, but what happens once you’ve done that? Is it possible to easily sell the property, are there any restrictions, or do I have to wait until a certain…
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Tax considerations for Hong Kongers moving to the UK or buying UK property

Hong Kong citizens who are considering relocating or investing in the UK property market should ensure they have a thorough understanding of the UK tax system, and they should be proactive about tax planning prior to arrival or purchase. Those with a BNO visa, too, will be subject to the UK’s global tax system, which…
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UK Pension Mistakes to Avoid

British Expats: Avoid These Pension Mistakes

Many British expats seek guidance when planning a retirement strategy. They do this to avoid making costly UK pension mistakes that can seriously jeopardise their retirement fund. The planning becomes even more complicated when a British expat doesn’t intend to return to the UK, or if their earrings are exceptionally high. These different scenarios require…
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Pension and Inheritance Tax

Are all pensions inheritance tax free?

Most people know that private pensions are highly tax-efficient and are a useful way to save for retirement. Notwithstanding that, the inheritance tax advantages are as much, if not more attractive, given that your pension fund falls outside your estate for IHT purposes. That means pensions can be a great way to pass money on…
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What is QNUPS?

What is QNUPS?

The QNUPS legislation, also called “The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010”, is a set of rules that must be met and followed by Non-UK pensions schemes to put each members pension fund beyond the reach of UK inheritance tax (IHT). The schemes often operate from highly regulated and tax-efficient overseas jurisdictions where…
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How to avoid Inheritance Tax on UK property

The majority of people’s estate value comes from the property they own. This might be their primary home, a buy-to-let investment property or a holiday home outside of the UK and which is included in your estate. Unless you’ve already done something about it, you will pay 40% Inheritance Tax (IHT) on your overall estate…
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A short guide to Inheritance Tax

IHT – Inheritance Tax is probably one of the most hated taxes in the United Kingdom. It is sometimes referred to as a tax on items that have already been taxed, a tax on success and death duties. However, it’s not all doom and gloom as with a little knowledge and preparation, IHT can be…
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