Inheritance Tax and Capital Gains Tax planning

Inheritance tax is the tax charged on the possessions, property, and money when a person dies. The Government evaluates the worth of the estate, and then reduces the debits from the estate value to arrive at the final inherited wealth.

Assets may include:

Capital Gains Tax planning

The tax paid on the profit of selling or disposing an asset, which increases the value or capital, is referred to as capital gain tax. It is the gain made that’s taxed, and not the amount of money received. For example, Ben purchases an asset worth £5,000 and sold it later for £20,000. Thus, the gain made is difference between the selling price and purchase price i.e. £15,000. However, some assets are tax-free and an individual doesn’t have to pay capital gains tax. This applies if all the gains within a year are under the tax-free allowance limit. Disposing an asset includes – selling it, giving the asset as a gift, or transferring the asset to someone else or receiving reimbursement for it.

Capital gains tax is payable on the disposal of:

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