Helping Your Children Mitigate Capital Gains Tax on Second Homes

Helping Your Children Mitigate Capital Gains Tax (CGT) on Second Homes

Current tax legislation states that there is no CGT payable on profits made through the sale of a person’s own home (Principal Private Residence).  However if that person owns a second home and makes a profit on the sale of this second home, Capital Gains Tax becomes payable on gains above the annual allowance, currently £11,000.

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The yield from Inheritance Tax rises again

The yield from Inheritance Tax rises again

The yield from Inheritance tax rose to £3.7bn in 2014, which is an increase of 11% year-on-year. The total of inheritance tax receipts for 2013 was £3.3bn. The increase, say campaigners, is evidence that the controversial tax is hitting an increasing number of “ordinary families”.

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