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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