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We understand taxes are not the most exciting topic, so please enjoy this photo of a baby seal. We promise to keep this under 500 words.
Covered within this blog:
Inheritance Tax is often referred to as being a voluntary tax, as with good planning, it can often be legally mitigated. UK Inheritance Tax is 40% if your estate exceeds the tax-free allowance. For high net worth individuals, this can create a large tax bill, and significantly reduce the amount of wealth that can be passed on to beneficiaries.
Capital Gains Tax is a tax on the growth of your assets at the point of disposal. Certain structures allow securities to be bought and sold without creating a Capital Gains Tax bill. Depending on case-by-case circumstances, different structures are appropriate for different individuals.
The term stamp duty land tax (SDLT) refers to a tax imposed by the U.K. government on the purchase of land and properties with values over a certain threshold. This tax is payable to Her Majesty’s Revenue and Customs (HMRC) and must be remitted within 14 days of the completion of a property purchase or transfer in England and Northern Ireland. The rates payable depend primarily on whether the land or property is for residential, non-residential, or mixed purposes.
Income Tax is the tax placed on your income from mainly your employment, pensions and rental properties. However, other streams of income may also be income taxable including awards and prizes. Different countries have different income tax laws which are applied to different income streams. As a result of the vast differences, some countries become attractive places for employment or retirement. For example, the UAE has no income tax making it a popular place for expatriates to live and work.
The amount of tax you will pay now, and in the future is greatly dependent on the steps you take to plan.
People often ask the following questions:
If you wish to learn the answers to these questions or you have questions surrounding taxation, please click on this link to be put in touch with a financial planning specialist.