Inheritance Tax (IHT) Under Schedule A1 of the Inheritance Tax Act 1984, shares in a company that owns UK residential property are not treated as excluded property. As a result, they remain within the scope of UK inheritance tax. The portion of the company’s shares...
Since 6 April 2016, banks and building societies are no longer required to deduct income tax from your interest before paying it to you. Instead, your interest is paid to you gross. With the changes, the Personal Saving Allowance was introduced as an addition to the...
Capital Gains Tax (CGT) is a type of tax that is incurred due to the profit you make when selling or ‘disposing of’ an asset that has increased in market value, since the market value upon initial purchase. Tax is paid on the gain that you make, for example, on...
Are you self-employed or have a business from which you earn dividends? If your UK tax bill is more than £1000 for a tax year and you pay less than 80% of your income tax at source i.e. salary income from which PAYE is deducted, HMRC will ask you to make advance tax...
You can claim tax relief on the disposal of your only or main residence (also called your principle private residence or PPR) and as a result not pay any Capital Gains Tax (CGT). This is called Private Residence Relief (PRR). The exemptions cover total grounds,...
