An in-depth look into Agricultural Property Relief, an inheritance tax relief available on the transfer of agricultural property under certain conditions, including rates, key considerations, examples, and more.
Comprehensive coverage of the Annual Exemption under inheritance tax legislation, its historical context, applicability, key considerations, and practical examples.
Business Property Relief (BPR) is a valuable inheritance tax relief available on certain types of business property, helping to ease the tax burden on inheritors. This article provides a comprehensive look at BPR, its types, key events, formulas, importance, applicability, and more.
Comprehensive guide on Capital Transfer Tax (CTT), covering historical context, types, key events, formulas, importance, examples, related terms, and more.
Capital transfers refer to the transfer of assets between individuals, commonly through gifts or bequests, which recipients view as additions to their capital rather than income. Historically subject to the Capital Transfer Tax in the UK until replaced by Inheritance Tax in 1986.
An in-depth guide to Capital Transfer Tax, including historical context, types, key events, formulas, examples, and related terms.
Death Duties are taxes levied on a person's estate after their death, implemented to discourage inherited wealth and serve as a government revenue source. This article explores their historical context, types, key events, detailed explanations, and more.
An in-depth exploration of Death Duty, its history, types, key events, applications, examples, related terms, and more.
An in-depth look into the Deed of Variation, its uses, benefits, and impact on inheritance tax and capital gains tax.
Direct taxes are taxes imposed directly on individuals and organizations, including income tax, corporate tax, property tax, and inheritance tax. These taxes are paid directly to the government by the taxpayer.
A comprehensive overview of discretionary trusts, their historical context, types, key events, detailed explanations, importance, applicability, examples, considerations, related terms, comparisons, and more.
A comprehensive guide to Estate Duty, including its historical context, types, key events, and its role in finance and taxation.
Estate Duty was a tax formerly levied on the estate of a deceased person in the United Kingdom. It has since been replaced by other forms of taxation.
An in-depth look at excluded property, detailing its role and significance in inheritance tax, including definitions, categories, key considerations, and more.
A detailed look into exempt transfers and their implications on inheritance tax, including types, key events, and practical examples.
A comprehensive guide to understanding exit charges, a levy imposed when assets are taken out of discretionary trusts, including historical context, types, key events, and detailed explanations.
A detailed exploration of the concept of 'Gift with Reservation', including historical context, types, key events, detailed explanations, examples, and important considerations.
A comprehensive article on Gift with Reservation of Benefit (GROB), detailing its historical context, types, key events, explanations, examples, and considerations.
A detailed exploration of GIFTS *INTER VIVOS*, their types, tax implications, historical context, key events, and related concepts.
An in-depth exploration of inheritance tax, its history, mechanisms, and implications for individuals in the UK.
An in-depth examination of inheritance tax, covering its historical context, types, key events, mathematical models, importance, applicability, and more.
An in-depth exploration of Inheritance Tax (IHT), including historical context, types, key events, detailed explanations, formulas, importance, applicability, and examples.
An in-depth exploration of Interest-In-Possession Trusts, their mechanisms, historical context, types, key events, importance, and related financial and legal considerations.
A comprehensive guide to the nil-rate band, the portion of an estate exempt from inheritance tax in the UK. Learn about historical context, key features, and important considerations for estate planning.
A comprehensive explanation of Potentially Exempt Transfers (PET), the conditions under which they apply, historical context, implications, and related regulations.
A comprehensive examination of Potentially Exempt Transfers (PETs), including historical context, key events, mathematical models, examples, and related concepts.
Potentially Exempt Transfers (PETs) are gifts that become exempt from Inheritance Tax (IHT) if the giver survives for seven years after the date of transfer, thus offering a strategic way to manage estate taxes.
An in-depth guide to understanding the valuation of a deceased person's estate, known as probate value, used for calculating inheritance tax with HM Revenue and Customs.
Quick-Succession Relief is a tax relief available for inheritance tax purposes when the same property is assessed in the estates of two separate individuals, the second of whom dies within five years of the first. Learn about its historical context, types, key events, formulas, and much more.
An in-depth exploration of Relevant Property Trusts, their tax implications, and how they operate within the legal framework.
The Residence Nil-Rate Band (RNRB) is an additional inheritance tax allowance in the UK that applies when a residence is passed to direct descendants. This allowance helps in reducing the overall inheritance tax payable.
Settled property refers to property included in an interest-in-possession trust, benefiting the life tenant. It impacts inheritance tax calculations. Learn about its types, history, significance, and more.
The term 'SITUS' refers to the place in which an asset is held to be located. This location determines the proper law to be applied in identifying the rights and liabilities associated with the asset, including tax implications.
A body of civil servants specialized in tax law appointed to hear appeals against various tax assessments such as income tax, corporation tax, capital gains tax, and inheritance tax.
A comprehensive guide to understanding Tax Deposit Certificates, their historical context, types, key events, mathematical models, importance, applicability, examples, and related terms.
An in-depth exploration of Tax Thresholds, their historical context, types, and their importance in various tax systems worldwide.
An inheritance tax charge made every ten years on most forms of discretionary trust, calculated at 30% of the lifetime rate to compensate for the absence of generational inheritance-tax charges.
Detailed overview of the Transferable Nil-Rate Band, its historical context, mechanics, examples, and relevance in estate planning.
An in-depth exploration of death taxes, often referring to state inheritance taxes, and related concepts such as estate tax and unified estate and gift tax.
The process by which a property’s tax basis is reset to its fair market value at the date of the owner's death, commonly applied to inherited assets.
A comprehensive guide to understanding estate tax, including its rates, exclusions, and the effects on associated gift and inheritance taxes.
A comprehensive guide to understanding the Generation-Skipping Transfer Tax (GSTT), including its purpose, who is responsible for paying it, and how it impacts estate planning.
An in-depth exploration of transfer taxes, including their definition, how they work, and specific considerations related to inheritances.
A comprehensive guide to understanding inheritance, including its definition, the underlying process, probate procedures, and inheritance taxes.
