Inheritance tax is essentially a voluntary tax, in that with proper planning there is no need for your estate to pay any tax on your death. One of the most ... Continue Reading
There is an exemption for inheritance tax purposes, in addition to the £3,000 annual allowance, for gifts made out of income on a regular basis. It ... Continue Reading
If someone is getting married then there are certain exemptions for gifts made to them “in consideration of” the marriage. Note that these gifts ... Continue Reading
It has been said that for the wealthy, IHT is a voluntary tax, and there is some truth in this. For example, if you have a large annual income, there is another ... Continue Reading
HMRC have placed a range of 20 Toolkits on their website which highlight common errors that have come to HMRC’s attention and include steps that can be ... Continue Reading
If you rent out a property, which was at one time your PPR, you will qualify for the lettings relief. This can be worth up to £40,000 against the gain realised ... Continue Reading
NRLS) requires that where there is no UK-based representative/agent, the rent being paid directly to a landlord who lives outside of the UK, the tenant must deduct ... Continue Reading
Inheritance tax is essentially a voluntary tax, in that with proper planning there is no need for your estate to pay any tax on your death. One of the most ... Continue Reading
The ‘wear and tear’ allowance can only be claimed on rental property let furnished when it includes such items as a cooker, fridge, sofa, etc. The ... Continue Reading
A property owned jointly or in partnership does not necessarily mean that the rental profit or loss must be allocated in the same proportion as the underlying ... Continue Reading
