Understanding Recent Changes in UK Inheritance Tax Law, UK taxation |
Üdvözöllek a Fórumban! ( Bejelentkezés | Regisztráció )
Understanding Recent Changes in UK Inheritance Tax Law, UK taxation |
Jul 18 2024, 11:57 AM
Létrehozva:
#1
|
|
Newbie Csoport: Members Hozzászólások: 1 Csatlakozott: 18-July 24 Azonosító: 13,586 |
Understanding UK Inheritance Tax
1. What is Inheritance Tax? Inheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of someone who has passed away. It applies if the estate exceeds a certain threshold. 2. Thresholds and Rates The standard threshold is £325,000. Estates above this are taxed at 40%. Various reliefs and exemptions can reduce the taxable amount. 3. Nil-Rate Band The nil-rate band of £325,000 is transferable to a spouse or civil partner, potentially increasing the threshold to £650,000. 4. Residence Nil-Rate Band An additional allowance of up to £175,000 applies if the home is passed to direct descendants, allowing married couples or civil partners to pass on up to £1 million tax-free. 5. Exemptions Gifts to a spouse, civil partner, or charity are exempt from IHT. Certain business and agricultural properties may also qualify for relief. For more information and expert advice, visit Understanding UK Inheritance Tax 1. What is Inheritance Tax? Inheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of someone who has passed away. It applies if the estate exceeds a certain threshold. 2. Thresholds and Rates The standard threshold is £325,000. Estates above this are taxed at 40%. Various reliefs and exemptions can reduce the taxable amount. 3. Nil-Rate Band The nil-rate band of £325,000 is transferable to a spouse or civil partner, potentially increasing the threshold to £650,000. 4. Residence Nil-Rate Band An additional allowance of up to £175,000 applies if the home is passed to direct descendants, allowing married couples or civil partners to pass on up to £1 million tax-free. 5. Exemptions Gifts to a spouse, civil partner, or charity are exempt from IHT. Certain business and agricultural properties may also qualify for relief. For more information and expert advice, visit inheritance tax specialist near me |
|
|
Szöveges verzió | A pontos idő: 28th September 2024 - 02:33 AM |