Taxation

What is capital gains tax?

Capital gains tax (cgt) is payable when you sell an asset that as increased in value since you bought it. The rate varies based on a number of factors, such as your income and size of gain. For residential property it may be 18% or 28% of the gain (not the total sale price).

What is inheritance tax?

Inheritance tax (iht) is a tax on the estate of someone who has died, including all property, possessions and money.

What is non-domicile tax?

A non-domicile is a uk resident whose permanent home, or domicile, is outside of the uk. Key to non-dom tax status is that an individual must pay uk tax on uk earnings, but need not pay uk tax on foreign income or gains unless they bring that income back to the uk.

What is probate?

Probate is the process of dealing with the estate of someone who has died - which generally means clearing their debts and distributing their assets in accordance with their will.