Ostroff, Fair and Company
*Ostroff, Fair and Company>>>United Kingdom Taxes

Capital Gains and Inheritance Tax, UK?


Can anyone recommend a good book which is written in layman's terms so that I can understand/avoid (legally) property taxes.

Don't know of a book but CGT limit is currently 拢8,500. That's payable on profit e.g.
you buy shares for 拢10,000 and sell for 拢15,000 - no CGT.
you buy shares for 拢10,000 sell for 拢22,000, CGT is due on 22,000-10,000 - 8,500 = 3,500

Inheritance tax threshold is I think 拢275,000. i.e.you pay 40% tax on any inhertance above this amount e.g.
you inherit 拢325,000, your IHT liability is 325,000-275,000 = 50,000 @ 40% = 20,000. The sting in the tail is that it's due immediately which, I think, is shocking

Still a good idea to ask an accountant.
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