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

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

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

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

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…
How to Calculate and Report Capital Gains Tax for UK Residents

How to Calculate and Report Capital Gains Tax for UK Residents

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 Comprehensive Guide to National Insurance Contributions in the UK: Everything You Need to Know

A Comprehensive Guide to National Insurance Contributions in the UK: Everything You Need to Know

Understanding National Insurance: The BasicsGetting to grips with National Insurance (NI) is essential for anyone living and working in the UK. National Insurance is a system of contributions paid by employees, employers, and the self-employed that helps fund state benefits such as the State Pension, statutory sick pay, and maternity allowance. If youre over 16,…