Inheritance tax and taxes on financial gains?
Hi, I'm italian and i'm doing a research about the level of inheritance tax and taxes on financial gains in Europe.
In Italy the new governement reintroducted the inheritance tax (abolished by the former govmt) and increased the tax on capital gains to 20% (before it was 12,50%).
What is the situation in UK ?
Answers:
Inheritance tax is paid at 40% on the value of an estate in excess of £285,000 (i.e. you get the first £285,000 tax free and pay 40% on the rest). There are some exemptions, for example you don't pay any inheritance tax on assets you leave to your spouse.
For Capital Gains Tax, you get an annual exemption of £8800. Above this, your capital gain is basically added on to your income and taxed as the "top slice" of income at the appropriate rate; this rate depends on your overall income and is either 10, 20 or 40%.
great answer Ruth. (I thought the Italians avoided tax?)
what is the currency used in new european currency introduced in january 1999?
i have recieved a check from someone in nigeria should i cash it and what are the dangers if it i do?
What is a basic IKEA salary?
What is the best bank to save with from your experiences??
how is this not a question or answer im asking peoples opinions?
Whats the best job to get into to earn lots of money without having to do lots of qualifications?
how to find german contacts looking for business oppotunity?
how will i find out what i am entitled to for housing benefit?
How can i get a small loan to see me through until my student loan comes through?
In Italy the new governement reintroducted the inheritance tax (abolished by the former govmt) and increased the tax on capital gains to 20% (before it was 12,50%).
What is the situation in UK ?
Answers:
Inheritance tax is paid at 40% on the value of an estate in excess of £285,000 (i.e. you get the first £285,000 tax free and pay 40% on the rest). There are some exemptions, for example you don't pay any inheritance tax on assets you leave to your spouse.
For Capital Gains Tax, you get an annual exemption of £8800. Above this, your capital gain is basically added on to your income and taxed as the "top slice" of income at the appropriate rate; this rate depends on your overall income and is either 10, 20 or 40%.
great answer Ruth. (I thought the Italians avoided tax?)
The answers post by the user, for information only, UKQnA.com does not guarantee the right.