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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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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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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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 (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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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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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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