UK Tax – Capital Gains on Disposal of Residential Property

Capital Gains Tax is a tax on the gain you make when you sell your UK property (You need to let Her Majesty’s Revenue and Customs (HRMC) know of your property disposal). The 2018/2019 Capital Gains tax rate is 18% for individual and 20% for company. The Capital Gains tax-free allowance is£11,700. Joint owners who are married will each be entitled to the tax free … Continue reading UK Tax – Capital Gains on Disposal of Residential Property

UK Inheritance Tax

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has passed away. The standard Inheritance Tax rate is 40% (additional £175,000 allowance is given from 2020). The UK inheritance tax allowance is £325,000. Example: Estate value £500,000 Less: Inheritance tax-free allowance £325,000 Taxable inheritance £175,000 The Inheritance Tax charged will be 40% x £175,000. The payable amount will … Continue reading UK Inheritance Tax