Do you know how much the Chancellor of the Exchequer is expecting to pocket from Inheritance Tax (IHT) in this financial year? A cool £3.6 billion! And do you know how much he collected in his first year in office in 1997? A mere £1.7 billion.
Category: Tax
Scotsman: Make The Most Of Your Dough With Saving Schemes
Whatever the size of your income and capital, it pays to be on tax, writes CONAL GREGORY
Scotsman: How To Please Stephen Byers And Minimise IHT Costs
ATTENTION has turned to Inheritance Tax (IHT) in the last few weeks in the aftermath of the surprise call from Stephen Byers, Labour MP and former cabinet minister, for its abolition – describing it as “a penalty on hard work, thrift and enterprise”.
Scotsman: Savings Can Keep Your Teen Out Of The Red And In The Pink
CHILDREN can start off on a good financial road through life if provision is made early and the tax concessions used to advantage.
Scotsman: Inheritance Tax Must Be Taken Into Account
FOR some people, inheritance tax (IHT) is an increasing worry.
Motley Fool: Earn Thousands From Your Bank
A relative of mine switched current accounts recently. He neglected to consult me, and got an account paying 4.25% interest. I thought: “Hmm, that could be worse.” Then he told me it was the Nationwide Flexaccount. I hadn’t heard of it, which was not a good sign, as I work for a website with the slogan: Independent Financial Comparison. It turns out that the sneaky devils only pay 4.25% on the first £3,000, but just 0.25% on any higher balances. As he has £50,000 in his current account, that means he’ll earn £196 interest after tax this year, when he should earn thousands!
Motley Fool: Sweet And Simple Tax Returns
According to financial advisory service Smith & Williamson, if you earn £25,000 to £40,000, you’re likely to pay around 36% in taxes this year. If you’re moving house, the figure will probably be more like 41% to 50%, thanks to stamp duty. And if you’re a heavy-smoking, petrol-guzzling car-driving alcoholic, you’ll pay even more! To put it another way, taxes suck big time.
Motley Fool: Stamp Duty – A Tax From The Past
Stamp duty is a pretty annoying tax. Every time you want to buy shares in a UK company, you have to pay a 0.5% charge. The tax applies to any company incorporated in the UK or any foreign company that maintains a share register in the UK.
Motley Fool: Ten Ways To Avoid This Deadly Tax!
According to research from bank Bradford & Bingley, only one in fifty people (2%) who think that they will be liable to pay Inheritance Tax (IHT) have planned ahead by taking steps to reduce its impact. What’s more, almost half of adults don’t know the current rate of IHT, and more than a quarter wrongly assume that they can settle any IHT bill from their inheritance.
Motley Fool: Your Home Is Not A Cash Machine!
In financial jargon, there is no shortage of TLAs (three-letter acronyms) — which, fittingly, is itself a TLA. For example, you have APR (annual percentage rate), CGT (capital gains tax), PPI (the dreaded payment protection insurance), TAR (total amount repayable) and many more. You’ll find more money language in my Jargon Buster and Devil’s Dictionary Of Money.