UK tax rules for British expats and non-residents, updated for UK tax years 2023/24 and 2024/25
I have a feeling it’s because for the first CLT (2008/09) it was the DONOR who agreed to pay the IHT , and whenever the donor pays, to get to the gross chargeable transfer amount , you will add the chargeable amount + lifetime tax due. If the DONEE pays the IHT on the CLT (...
UK Inheritance tax is most commonly imposed on the estate of a deceased person who is either UK domiciled, or owned assets in the UK, at point of death. There are exemptions available to mitigate inheritance tax, perhaps most notably the spousal exemption, allowing an unlimited transfer of val...
So far in this article we have looked at how to approach questions involving both inheritance tax (IHT) and capital gains tax (CGT) and we have reviewed the fundamentals of the two taxes. We are now going to look at the tax implications of the Edward Teach...
Helping you understand the tax rules for different side hustles. 11.5 million file Self Assessment by 31 January deadline 3 February 2025— Press release Millions of taxpayers filed their Self Assessment tax return for the 2023 to 2024 tax year by the deadline. Download the HMRC app 31 Janu...
Inheritance tax and capital gains tax for ATX-UK - part 3: self-test answers Test your understanding: answers (1). Statement A is false Inter-spouse transfers are exempt for the purposes of IHT but take place at no gain, no loss for the purpos...
The Lord Mayor of the City of London Corporation, Michael Mainelli, acknowledged on Monday that there was a "problem" with the non-dom rules but noted that the U.K. should continue to have a "competitive tax regime."
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...
The argument for inheritance tax –It taxes the rich.UK GDP average income is currently around £30,000, and that number includes the incomes of private equity bosses, MPs, football players and so on. So the IHT threshold is over 10 years of average income and probably even more than th...
National Insurance is in practice an extra tax you pay on your earnings. It comes with its own fiddly rules – and in recent years the Government has been prone to messing with them. That’s probably because people find it even harder to keep track of what they’re paying in National In...