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Tag: RULES
RULES
Stamp duty land tax rules for second homes
Stamp Duty Land Tax (SDLT) rules in the UK for second homes are more stringent compared to those for primary residences. The government introduced an additional surcharge to deter individuals from purchasing multiple properties, aiming to make housing more affordable for first-time buyers and to address the housing shortage. Here is a detailed explanation of… Read more
Gifts and how they affect IHT
In the UK, Inheritance Tax (IHT) may be payable on gifts made during a person’s lifetime if they pass away within seven years of making the gift. The rules governing IHT on gifts include various exemptions and reliefs designed to reduce the potential tax liability. Here’s an overview of the key rules and exemptions: Key… Read more
UK Tax Residency explained
The rules on tax residency in the UK are primarily determined by the Statutory Residence Test (SRT), which establishes whether an individual is a tax resident in the UK for a given tax year. The SRT consists of three main parts: 1. Automatic Overseas Tests You are automatically considered non-resident for the tax year if… Read more