After the UK government’s tax authority released its inheritance tax receipts for the period April to December 2023 – showing another rise on the previous year’s levels, and with the IHT threshold being frozen until 2028 – wealth managers look at what can be done to mitigate the impact. ...
Don’t blame us! Blame the labyrinthine UK tax system. National Insurance rates Just briefly then, most employees currently pay what are called ‘Class 1’ contributions at the following rates: Your salary6 April 2023 to 5 January 2024From 6 January 2024 to 5 April 2024 ...
High interest rates add £10bn to cost of England’s student loan system Institute for Fiscal Studies study says rise in burden on government will not be captured by official measures October 17 2023 News in-depthUK public finances Rising UK interest payments leave little room for tax cuts,...
Assets which are liable for Capital Gains Tax include all forms of property (unless specifically exempt), certain gifts made, sale of assets acquired by inheritance, shares and assets transferred through divorce, or civil partnerships which have been dissolved. UK Capital Gains Tax rates In the UK...
Inheritance tax (IHT) rates and charges As an expat deemed domiciled in Britain, your worldwide estate is potentially liable to IHT. Your estate includes your property, savings, and any other assets you pass on, after outstanding debts and funeral expenses have been paid for. The tax rate ...
If your total taxable gains, minus any deductions, come to more than your annual tax-free allowance, then you pay CGT on everything over that allowance. Capital gains tax rates The capital gains tax regime was simplified in Labour’s October 2024 Budget. Unfortunately the same Budget increased...
Category Archives: In the world of tax, one likes certainty, and certainly the budget seems to have provided a bit of certainty in various areas, whether it's tax rates or tax rules. Autumn Budget 2024 Questions Answered To raise the required £40bn one of the major taxes had to rise...
Cyprus: Cyprus has announced the 10-year government bond yield rates for notional interest deduction (NID) on equity for the 2025 tax year. These rates apply to Cyprus tax-resident companies and foreign companies with permanent establishments in Cyprus. ...
Fuel duty: extension to the cut in rates to March 2026 28 February 2025 Policy paper Reforms to inheritance tax reliefs: consultation on property settled into trust 27 February 2025 Open consultation See all policy papers and consultations
Inheritance tax (IHT) IHT may be levied on the estate of a deceased person who was domiciled in the UK, or who was not domiciled in the UK but who owned assets there. It can also apply to the assets of deceased expats. Domicile is distinct from residency, meaning that IHT is applicabl...