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Trusts |
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Trusts enable assets to be given away
whilst still retaining some control over them. Income
can be paid to different persons with the capital
ultimately going to other persons. |
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Capital Gains
Tax |
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A capital gain arises when certain
capital (or 'chargeable') assets are sold at a profit.
The gain is the sale proceeds (net of selling costs)
less the purchase price (including acquisition costs).
The taxation of capital gains has been significantly
revised from 6 April 2008. This factsheet deals with the
current position. |
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Inheritance Tax |
Inheritance tax (IHT) is levied on a
person’s estate when they die, and certain gifts made
during an individual’s lifetime. Most gifts made more
than seven years before death will escape tax.
Therefore, if you plan in advance, gifts can be made
tax-free: the result can be a substantial tax saving.
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An
Introduction to Stamp Duty Land Tax
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Stamp Duty Land Tax (SDLT) was introduced
on 1 December 2003 and replaced Stamp Duty in respect of
land transactions. Stamp Duty was an old tax which
required the existence of a document, such as a
conveyance. SDLT is a very different type of tax and the
new regime is intended to be robust. This factsheet sets
out some of the basic things you need to know about the
tax. |
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Capital Gains Tax and the Family Home |
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The capital gains tax (CGT) exemption for
gains made on the sale of your home is one of the most
valuable reliefs from which many people benefit during
their lifetime. The relief is well known: CGT exemption
whatever the level of the capital gain on the sale of
any property that has been your main residence. In this
factsheet we look at the operation of the relief and
consider factors that may cause it to be restricted.
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Pre-Owned
Assets |
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Inheritance tax (IHT) was introduced
almost 20 years ago and broadly charges to tax certain
lifetime gifts of capital and estates on death.
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