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.
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”.