HMRC’S DEFINITION OF INHERITANCE TAX “Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died”. WHAT IS A ‘GIFT’ The following are considered ‘gifts’ which could be subject to Inheritance Tax: Money Household goods such as furniture and antiques Jewellery Property (a house, land or buildings) Stocks…
Author Archives: Katy North
A capital gain will arise when a chargeable asset is disposed of for a profit over and above the original cost. Not all assets are subject to capital gains tax. Examples of non chargeable assets include: ‘Wasting Chattels’ which are assets which are considered to have a useful life of no more than 50 years,…
