Pro-Taxman

Finance & Accounting>Inheritance Tax

Selling a property under probate

With property prices varying wildly here’s what you need to know about selling a property under probate

Selling at property at below the probate value The property market is often volatile but throw a Coronavirus pandemic and a stamp duty holiday into the mix and it is easy to see how property prices can vary dramatically, even in a relatively short period. Where a deceased’s estate includes land, inheritance tax is computed …

With property prices varying wildly here’s what you need to know about selling a property under probate Read More »

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught.

Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making a gift, it is important to ascertain …

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught. Read More »

If you’ve read anything about property and tax, you’ll probably have heard the terms ‘nominating your main residence’ and ‘flipping’. This blog takes you exactly what these terms mean and how and when they apply.

Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or main residence. Where a property has been an only or main residence at some point, the final period of ownership (currently 18 months but reducing to nine months from 6 …

If you’ve read anything about property and tax, you’ll probably have heard the terms ‘nominating your main residence’ and ‘flipping’. This blog takes you exactly what these terms mean and how and when they apply. Read More »

Today’s blog explains how Britain’s most hated tax – inheritance tax – works for married couples and civil partners.

Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil partners benefit from exemptions that are not available …

Today’s blog explains how Britain’s most hated tax – inheritance tax – works for married couples and civil partners. Read More »

Year-end tax planning tips

As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance: the personal allowance is reduced by £1 for every £2 by which income exceeds £100,000. For 2018/19, the personal tax allowance is …

Year-end tax planning tips Read More »

Make the most of your allowances

The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances on offer. Personal allowanceIndividuals are entitled to a personal allowance each …

Make the most of your allowances Read More »