Taxes & National Insurance - Moneywise Britain

Tax-Free Gifts: How to Utilise Annual Exemptions to Reduce Inheritance Tax Liability

By Arthur Wood 23 June 2025

Understanding Tax-Free Gifts in the UKWhen it comes to inheritance tax planning in the UK, knowing how tax-free gifts work can make a significant difference to your family’s future finances. In simple terms, a tax-free gift is money or assets you give away during your lifetime that are exempt from inheritance tax (IHT), provided certain…

Understanding the Nil Rate Band and Residence Nil Rate Band in UK Inheritance Tax

By Emily Hill 23 June 2025

Overview of Inheritance Tax in the UKInheritance Tax (IHT) is a levy applied to the estate—namely, property, money, and possessions—of someone who has passed away. In the UK, this tax primarily affects estates that exceed a certain value threshold, making it highly relevant for families and individuals with significant assets or property holdings. The tax…

A Comprehensive Guide to Inheritance Tax Planning in the UK: Strategies and Best Practices

By Freya Green 23 June 2025

Understanding Inheritance Tax in the UKInheritance Tax (IHT) is a significant consideration for many individuals and families in the UK, especially when thinking about passing on wealth to the next generation. Administered by HM Revenue & Customs (HMRC), IHT is levied on the estate of someone who has died, including all property, possessions, and money.…

The Impact of Capital Gains Tax on Property Sales in the UK

By Ella Taylor 23 June 2025

Introduction and Overview of Capital Gains Tax in the UKCapital Gains Tax (CGT) is a fundamental component of the UK tax system, with significant implications for individuals and entities engaging in property transactions. Introduced in 1965, CGT was established to ensure that profits realised from the disposal of assets, including real estate, are subject to…

Understanding Capital Gains Tax Allowances: Maximising Your Annual Exemption in the UK

By Arthur Wood 23 June 2025

What is Capital Gains Tax and Who Pays It?Capital Gains Tax (CGT) is a tax you pay in the UK on the profit when you sell or dispose of certain assets that have increased in value. Its important to note that CGT is charged only on the gain you make, not the total amount of…

How to Calculate and Report Capital Gains Tax for UK Residents

By Emily Hill 23 June 2025

Understanding Capital Gains Tax in the UKCapital Gains Tax (CGT) is a tax levied in the United Kingdom on the profit when you sell or dispose of an asset that has increased in value. It is not the amount of money you receive from the sale, but specifically the gain you make over what you…

A Complete Guide to Capital Gains Tax Rules in the UK: What Every Taxpayer Should Know

By Freya Green 23 June 2025

Understanding Capital Gains Tax: Key Principles and DefinitionsCapital Gains Tax (CGT) is a crucial aspect of the UK tax system that every taxpayer should be aware of, especially those with investments or significant personal assets. At its core, CGT is a tax on the profit you make when you sell or dispose of an asset…

National Insurance vs. Income Tax: Key Differences, Similarities, and Why Both Matter

By Freya Green 23 June 2025

1. IntroductionFor anyone living and working in the UK, understanding the ins and outs of National Insurance and Income Tax is not just a matter of bureaucracy—it’s a foundation for smart financial planning. Both systems play crucial roles in funding public services and securing your future, yet they operate in distinct ways with different implications…

Understanding the Different Classes of National Insurance and What They Mean for You

By Ella Davies 23 June 2025

National Insurance: What’s It All About?If you’ve just started living or working in the UK, you might have heard people talking about National Insurance and wondered what all the fuss is about. Don’t worry—you’re not alone! National Insurance, often called NI for short, is a key part of British life, but it can seem a…

The History of National Insurance in Britain: How the System Evolved and Its Impact Today

By Ella Taylor 23 June 2025

Origins of National Insurance in BritainThe roots of Britain’s national insurance system can be traced back to the profound social and economic changes brought about by industrialisation in the 19th century. As people migrated from rural areas to urban centres in search of work, traditional forms of community support weakened, leaving many vulnerable to poverty,…